0001144204-14-066251.txt : 20141110 0001144204-14-066251.hdr.sgml : 20141110 20141110093208 ACCESSION NUMBER: 0001144204-14-066251 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20141107 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141110 DATE AS OF CHANGE: 20141110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEXINGTON REALTY TRUST CENTRAL INDEX KEY: 0000910108 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133717318 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12386 FILM NUMBER: 141206868 BUSINESS ADDRESS: STREET 1: ONE PENN PLAZA STREET 2: SUITE 4015 CITY: NEW YORK STATE: NY ZIP: 10119 BUSINESS PHONE: (212) 692-7200 MAIL ADDRESS: STREET 1: ONE PENN PLAZA STREET 2: SUITE 4015 CITY: NEW YORK STATE: NY ZIP: 10119 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES TRUST DATE OF NAME CHANGE: 19980625 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 8-K 1 v393622_8k.htm CURRENT REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant

to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 7, 2014

LEXINGTON REALTY TRUST
(Exact name of registrant as specified in its charter)

Maryland	1-12386	13-3717318
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Penn Plaza, Suite 4015, New York, New York		10119-4015
(Address of principal executive offices)		(Zip Code)

(212) 692-7200

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.

Results of Operations and Financial Condition.

On November 7, 2014, we issued a press release announcing our financial results for the quarter ended September 30, 2014. A copy of the press release is furnished herewith as part of Exhibit 99.1.

The information furnished pursuant to this “Item 2.02 - Results of Operations and Financial Condition”, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or Securities Act of 1933, as amended, which we refer to as the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01.

Regulation FD Disclosure.

On November 7, 2014, we made available supplemental information, which we refer to as the Quarterly Earnings and Supplemental Operating and Financial Data, September 30, 2014, a copy of which is furnished herewith as Exhibit 99.1.

Also on November 7, 2014, our management discussed our financial results and certain aspects of our business plan on a conference call with analysts and investors. A transcript of the conference call is furnished herewith as Exhibit 99.2.

The information furnished pursuant to this “Item 7.01 - Regulation FD Disclosure”, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits

99.1

Quarterly Earnings and Supplemental Operating and Financial Data, September 30, 2014.

99.2

November 7, 2014 Conference Call Transcript.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Lexington Realty Trust


Date: November 10, 2014	By:	/s/ Patrick Carroll
		Patrick Carroll Chief Financial Officer

Exhibit Index

99.1

Quarterly Earnings and Supplemental Operating and Financial Data, September 30, 2014.

99.2

November 7, 2014 Conference Call Transcript.

EX-99.1 2 v393622_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Quarterly Earnings and

Supplemental Operating and Financial Data

September 30, 2014

LEXINGTON REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

September 30, 2014

Table of Contents

Section	Page

Third Quarter 2014 Earnings Press Release	3

Portfolio Data
2014 Third Quarter Capital Recycling Summary	13
Build-To-Suit Projects/Forward Commitments	14
2014 Third Quarter Leasing Summary	15
Other Data	17
Top 20 Markets	19
Tenant Industry Diversification	21
Top 10 Tenants or Guarantors	22
Select Credit Metrics	23
Historical Credit Metrics Summary	24
Financial Covenants	25
Lease Rollover Schedule – GAAP Basis	26
Lease Rollover Schedule – Cash Basis	28
Property Leases and Vacancies – Consolidated Portfolio	29
Mortgages and Notes Payable	36
Debt Maturity Schedule	39
Mortgage Loans Receivable	40
Partnership Interests	41
Selected Balance Sheet and Income Statement Account Data	42

Investor Information	43

This Quarterly Earnings Release and Supplemental Reporting Package contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of Lexington Realty Trust “Lexington”, which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization of Lexington’s Board of Trustees of future dividend declarations, including those necessary to achieve an annualized dividend level of $0.68 per common share/unit (2) Lexington’s ability to achieve its estimate of Company FFO, as adjusted, for the year ending December 31, 2014, (3) the successful consummation of any lease, acquisition, build-to-suit, financing or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of any new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

	LEXINGTON REALTY TRUST
	TRADED: NYSE: LXP
	ONE PENN PLAZA, SUITE 4015
	NEW YORK, NY 10119-4015

FOR IMMEDIATE RELEASE

LEXINGTON REALTY TRUST REPORTS THIRD QUARTER 2014 RESULTS

New York, NY - Friday, November 7, 2014 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the third quarter ended September 30, 2014.

Third Quarter 2014 Highlights

•

Generated Company Funds From Operations, as adjusted (“Company FFO, as adjusted”), of $68.7 million, or $0.28 per diluted common share.

•

Invested $51.0 million in on-going build-to-suit projects and loan investments and commenced funding a new $10.2 million industrial build-to-suit project.

•

Committed to acquire a to-be-built industrial property for $155.0 million.

•

Disposed of five properties for an aggregate disposition price of $52.6 million.

•

Executed 0.5 million square feet of new and extended leases with overall portfolio 97.6% leased.

•

Received $10.3 million for the payoff of the Homestead, Florida loan investment.

•

Revenue from leases of ten years or longer increased to 40.9% from 28.5% of revenue.

Subsequent to Quarter End Highlights

•

Acquired two properties for $49.5 million.

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated “We are pleased to report strong operating results for our third quarter, with active leasing throughout our portfolio. We continue to make progress with respect to executing our capital recycling strategy, by selling five non-core properties for $52.6 million, and building our investment pipeline, by committing to acquire a property for $155.0 million upon completion of construction next year. The addition of long-term net-leased properties to our portfolio continues to lengthen our weighted-average lease term and improve our prospects for growth in net operating income going forward.”

FINANCIAL RESULTS

Revenues

For the quarter ended September 30, 2014, total gross revenues were $109.5 million, compared with total gross revenues of $93.1 million for the quarter ended September 30, 2013. The increase is primarily due to property acquisitions.

Company FFO, As Adjusted

For the quarter ended September 30, 2014, Lexington generated Company FFO, as adjusted, of $68.7 million, or $0.28 per diluted share, compared to Company FFO, as adjusted, for the quarter ended September 30, 2013 of $56.1 million, or $0.25 per diluted share. The calculation of Company FFO, as adjusted, and a reconciliation to net income attributable to Lexington Realty Trust shareholders is included later in this press release.

Dividends/Distributions

Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended September 30, 2014 of $0.17 per common share/unit, which was paid on October 15, 2014 to common shareholders/unitholders of record as of September 30, 2014, and a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred Shares”), which will be paid on November 17, 2014 to Series C Preferred Shareholders of record as of October 31, 2014.

Net Income Attributable to Common Shareholders

For the quarter ended September 30, 2014, net income attributable to common shareholders was $38.7 million, or $0.17 per diluted share, compared with net income attributable to common shareholders for the quarter ended September 30, 2013 of $3.0 million, or $0.01 per diluted share.

OPERATING ACTIVITIES

Investment Activity

On-going Build-to-Suit Projects

Location	Sq. Ft.		Property Type	Lease Term (Years)		Maximum Commitment/ Estimated Completion Cost ($000)		GAAP Investment Balance as of 9/30/2014 ($000)		Estimated Completion Date
Oak Creek, WI		164,000	Industrial		20	$	22,609	$	5,263	2Q 15
Richmond, VA		330,000	Office		15		110,137		52,792	3Q 15
Lake Jackson, TX		664,000	Office/R&D		20		166,164		27,498	4Q 16
Thomson, GA		208,000	Industrial		15		10,245		830	2Q 15
		1,366,000				$	309,155	$	86,383

Forward Commitments

Location	Property Type	Estimated Acquisition Cost ($000)		Estimated Completion Date	Estimated Initial Cash Yield			Estimated GAAP Yield			Lease Term (Years)
Auburn Hills, MI	Office	$	40,025	1Q 15		7.9	%		9.0	%		14
Richland, WA	Industrial	$	155,000	4Q 15		7.1	%		8.6	%		20
		$	195,025

Loan Investments

Lexington collected $10.3 million in full satisfaction of the Homestead, Florida loan investment.

Subsequent to September 30, 2014 Acquisitions

Tenant/Guarantor	Location	Property Type	Initial Basis ($000)		Initial Annualized Cash Rent ($000)		Initial Cash Yield			Estimated GAAP Yield			Lease Term
ZE-45 Ground Tenant LLC	New York, NY	Land	$	30,426	$	1,500		4.9	%		15.2	%	99 yrs
HealthSouth Corp.	Vineland, NJ	Rehab Hospital		19,100		1,113		5.8	%		5.8	%⁽¹⁾	28 yrs
			$	49,526	$	2,613

(1) Lease contains annual CPI increases.

Capital Recycling

Dispositions

Tenant

Location

Property
Type

Gross Disposition
Price
($000)

Annualized
NOI
($000)

Month of
Disposition

Multi-tenant

Johnson City, TN

Office

4,000

174

Jul-14

Elsevier STM Inc.

San Antonio, TX

Industrial

41,000

3,652

Jul-14

Malone's Food Stores, LTD

Dallas, TX

Retail

3,300

358

Aug-14

Safeway, Inc.

Billings, MT

Retail

1,475

185

Sept-14

Vacant

Allentown, PA

Office

2,800

—

Sept-14

52,575

4,369

Leasing

During the third quarter of 2014, Lexington executed 10 new and extended leases for 0.5 million square feet and ended the quarter with its overall portfolio 97.6% leased.

Lease Extensions

Location

Prior
Term

Lease
Expiration Date

Sq. Ft.

Office

Lake Mary

09/2015

09/2020

125,155

Lake Mary

09/2015

09/2020

125,920

Louisville

04/2017

04/2027

86,877

Total office lease extensions

337,952

Industrial

Franklin

12/2014

06/2015

72,868

Minneapolis

06/2015

12/2025

18,620

Total industrial lease extensions

91,488

Total lease extensions

429,440

New Leases

	Location		Lease Expiration Date	Sq. Ft.
	Office
1-3	Various		2015-2025		2,504
4	Orlando	FL	10/2025		44,752
5	Houston	TX	10/2014		33,456
5	Total new leases				80,712

10	TOTAL NEW AND EXTENDED LEASES				510,152

2014 EARNINGS GUIDANCE

Lexington is revising its expectations for Company FFO, as adjusted, to an expected range of $1.09 to $1.11 per diluted share for the year ended December 31, 2014, as compared to prior guidance of $1.08 to $1.11 per diluted share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

THIRD QUARTER 2014 CONFERENCE CALL

Lexington will host a conference call today, Friday, November 7, 2014, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended September 30, 2014. Interested parties may participate in this conference call by dialing 877-407-0789 or 201-689-8562. A replay of the call will be available through November 21, 2014, at 877-870-5176 or 858-384-5517, pin: 13593658. A live webcast of the conference call will be available at www.lxp.com within the Investors section.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust is a real estate investment trust that owns a diversified portfolio of equity and debt interests in single-tenant commercial properties and land. Lexington seeks to expand its portfolio through acquisitions, sale-leaseback transactions, build-to-suit arrangements and other transactions. A majority of these properties and all land interests are subject to net or similar leases, where the tenant bears all or substantially all of the operating costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington common shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.

Contact:

Investor or Media Inquiries, T. Wilson Eglin, CEO

Lexington Realty Trust

Phone: (212) 692-7200 E-mail: tweglin@lxp.com

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington's Board of Trustees of future dividend declarations, including those necessary to achieve an annualized dividend level of $0.68 per common share/unit, (2) Lexington's ability to achieve its estimate of Company FFO, as adjusted, for the year ending December 31, 2014, (3) the successful consummation of any lease, acquisition, build-to-suit, financing or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of any legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.

References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held through special purpose entities, which are separate and distinct legal entities, some of which are consolidated for financial statement purposes and/or disregarded for income tax purposes.

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited and in thousands, except share and per share data)

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
Gross revenues:
Rental	$	101,680		$	85,643		$	302,314		$	254,317
Advisory and incentive fees		135			98			383			426
Tenant reimbursements		7,698			7,311			24,535			22,315
Total gross revenues		109,513			93,052			327,232			277,058
Expense applicable to revenues:
Depreciation and amortization		(40,387	)		(41,136	)		(119,538	)		(123,407	)
Property operating		(16,383	)		(14,629	)		(49,651	)		(43,609	)
General and administrative		(6,394	)		(6,355	)		(21,043	)		(20,105	)
Non-operating income		5,438			2,147			11,692			5,478
Interest and amortization expense		(24,967	)		(22,055	)		(75,382	)		(66,455	)
Debt satisfaction charges, net		(455	)		(2,967	)		(7,946	)		(25,396	)
Impairment charges		(2,464	)		—			(18,864	)		(2,413	)
Income before provision for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations		23,901			8,057			46,500			1,151
Provision for income taxes		(80	)		(2,433	)		(964	)		(2,963	)
Equity in earnings (losses) of non-consolidated entities		173			(737	)		246			(397	)
Income (loss) from continuing operations		23,994			4,887			45,782			(2,209	)
Discontinued operations:
Income (loss) from discontinued operations		19			(264	)		2,839			708
Provision for income taxes		(7	)		(792	)		(34	)		(1,987	)
Debt satisfaction gains (charges), net		—			(3	)		(299	)		8,954
Gains on sales of properties		18,542			2,129			22,052			14,935
Impairment charges		(371	)		(802	)		(11,062	)		(9,537	)
Total discontinued operations		18,183			268			13,496			13,073
Net income		42,177			5,155			59,278			10,864
Less net income attributable to noncontrolling interests		(1,772	)		(460	)		(3,537	)		(2,057	)
Net income attributable to Lexington Realty Trust shareholders		40,405			4,695			55,741			8,807
Dividends attributable to preferred shares – Series C		(1,573	)		(1,573	)		(4,718	)		(4,718	)
Dividends attributable to preferred shares – Series D		—			—			—			(3,543	)
Allocation to participating securities		(112	)		(144	)		(399	)		(482	)
Deemed dividend – Series D		—			—			—			(5,230	)
Net income (loss) attributable to common shareholders	$	38,720		$	2,978		$	50,624		$	(5,166	)
Income (loss) per common share – basic:
Income (loss) from continuing operations	$	0.09		$	0.01		$	0.17		$	(0.09	)
Income from discontinued operations		0.08			—			0.05			0.06
Net income (loss) attributable to common shareholders	$	0.17		$	0.01		$	0.22		$	(0.03	)
Weighted-average common shares outstanding – basic		229,463,522			213,649,374			228,337,871			204,923,085
Income (loss) per common share – diluted:
Income (loss) from continuing operations	$	0.09		$	0.01		$	0.17		$	(0.09	)
Income from discontinued operations		0.08			—			0.05			0.06
Net income (loss) attributable to common shareholders	$	0.17		$	0.01		$	0.22		$	(0.03	)
Weighted-average common shares outstanding – diluted		229,922,110			214,406,065			228,830,020			204,923,085
Amounts attributable to common shareholders:
Income (loss) from continuing operations	$	21,448		$	2,691		$	38,076		$	(17,682	)
Income from discontinued operations		17,272			287			12,548			12,516
Net income (loss) attributable to common shareholders	$	38,720		$	2,978		$	50,624		$	(5,166	)

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share and per share data)

	September 30, 2014			December 31, 2013
Assets:
Real estate, at cost	$	3,786,106		$	3,812,294
Real estate - intangible assets		755,784			762,157
Investments in real estate under construction		86,883			74,350
		4,628,773			4,648,801
Less: accumulated depreciation and amortization		1,271,228			1,223,381
Real estate, net		3,357,545			3,425,420
Cash and cash equivalents		109,337			77,261
Restricted cash		61,732			19,953
Investment in and advances to non-consolidated entities		16,619			18,442
Deferred expenses, net		67,820			66,827
Loans receivable, net		133,077			99,443
Rent receivable – current		7,301			10,087
Rent receivable – deferred		47,240			19,473
Other assets		38,955			35,375
Total assets	$	3,839,626		$	3,772,281

Liabilities and Equity:
Liabilities:
Mortgages and notes payable	$	1,005,205		$	1,197,489
Credit facility borrowings		—			48,000
Term loans payable		505,000			406,000
Senior notes payable		497,607			247,707
Convertible notes payable		23,820			27,491
Trust preferred securities		129,120			129,120
Dividends payable		42,315			40,018
Accounts payable and other liabilities		34,233			39,642
Accrued interest payable		14,431			9,627
Deferred revenue - including below market leases, net		71,719			69,667
Prepaid rent		16,201			18,037
Total liabilities		2,339,651			2,232,798

Commitments and contingencies
Equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding		94,016			94,016
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 231,461,102 and 228,663,022 shares issued and outstanding in 2014 and 2013, respectively		23			23
Additional paid-in-capital		2,747,265			2,717,787
Accumulated distributions in excess of net income		(1,368,185	)		(1,300,527	)
Accumulated other comprehensive income		3,305			4,439
Total shareholders’ equity		1,476,424			1,515,738
Noncontrolling interests		23,551			23,745
Total equity		1,499,975			1,539,483
Total liabilities and equity	$	3,839,626		$	3,772,281

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

EARNINGS PER SHARE

(Unaudited and in thousands, except share and per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
EARNINGS PER SHARE:

Basic:
Income (loss) from continuing operations attributable to common shareholders	$	21,448	$	2,691	$	38,076	$	(17,682	)
Income from discontinued operations attributable to common shareholders		17,272		287		12,548		12,516
Net income (loss) attributable to common shareholders	$	38,720	$	2,978	$	50,624	$	(5,166	)

Weighted-average number of common shares outstanding		229,463,522		213,649,374		228,337,871		204,923,085

Income (loss) per common share:
Income (loss) from continuing operations	$	0.09	$	0.01	$	0.17	$	(0.09	)
Income from discontinued operations		0.08		—		0.05		0.06
Net income (loss) attributable to common shareholders	$	0.17	$	0.01	$	0.22	$	(0.03	)

Diluted:
Income (loss) from continuing operations attributable to common shareholders - basic	$	21,448	$	2,691	$	38,076	$	(17,682	)
Impact of assumed conversions:
Share options		—		—		—		—
Income (loss) from continuing operations attributable to common shareholders		21,448		2,691		38,076		(17,682	)
Income from discontinued operations attributable to common shareholders - basic		17,272		287		12,548		12,516
Impact of assumed conversions:
Share options		—		—		—		—
Income from discontinued operations attributable to common shareholders		17,272		287		12,548		12,516
Net income (loss) attributable to common shareholders	$	38,720	$	2,978	$	50,624	$	(5,166	)

Weighted-average common shares outstanding - basic		229,463,522		213,649,374		228,337,871		204,923,085
Effect of dilutive securities:
Share options		458,588		756,691		492,149		—
Weighted-average common shares outstanding		229,922,110		214,406,065		228,830,020		204,923,085

Income (loss) per common share:
Income (loss) from continuing operations	$	0.09	$	0.01	$	0.17	$	(0.09	)
Income from discontinued operations		0.08		—		0.05		0.06
Net income (loss) attributable to common shareholders	$	0.17	$	0.01	$	0.22	$	(0.03	)

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION

(Unaudited and in thousands, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
FUNDS FROM OPERATIONS: ⁽¹⁾
Basic and Diluted:
Net income attributable to Lexington Realty Trust shareholders	$	40,405		$	4,695		$	55,741		$	8,807
Adjustments:
Depreciation and amortization		39,030			43,227			117,991			131,343
Impairment charges - real estate, including nonconsolidated joint venture real estate		3,115			1,727			30,856			12,875
Noncontrolling interests - OP units		1,442			202			2,556			1,286
Amortization of leasing commissions		1,580			1,445			4,506			4,124
Joint venture and noncontrolling interest adjustment		495			554			1,733			1,675
Preferred dividends - Series D		—			—			—			(3,543	)
Gains on sales of properties, net of tax		(18,542	)		556			(22,052	)		(11,325	)
Interest and amortization on 6.00% Convertible Guaranteed Notes		508			642			1,618			2,534
Reported Company FFO		68,033			53,048			192,949			147,776
Debt satisfaction charges, net		455			2,970			8,245			16,442
Other / Transaction costs		257			59			1,514			603
Company FFO, as adjusted		68,745			56,077			202,708			164,821

FUNDS AVAILABLE FOR DISTRIBUTION: ⁽²⁾
Adjustments:
Straight-line rents		(13,478	)		(6,361	)		(31,057	)		(9,281	)
Lease incentives		250			402			1,104			1,032
Amortization of below/above market leases		184			34			903			(136	)
Non-cash interest, net		(1,824	)		(185	)		(4,186	)		(532	)
Non-cash charges, net		2,114			2,009			6,563			5,601
Tenant improvements		(1,961	)		(2,441	)		(5,960	)		(30,590	)
Lease costs		(1,895	)		(5,038	)		(8,414	)		(9,957	)
Reported Company Funds Available for Distribution	$	52,135		$	44,497		$	161,661		$	120,958

Per Share Amounts
Basic:
Reported Company FFO	$	0.28		$	0.23		$	0.80		$	0.67
Company FFO, as adjusted	$	0.28		$	0.25		$	0.84		$	0.75
Company FAD	$	0.22		$	0.20		$	0.67		$	0.55

Diluted:
Reported Company FFO	$	0.28		$	0.23		$	0.80		$	0.67
Company FFO, as adjusted	$	0.28		$	0.25		$	0.84		$	0.75
Company FAD	$	0.22		$	0.19		$	0.67		$	0.55

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)

(Unaudited and in thousands, except share and per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
Basic:	2014		2013		2014		2013
Weighted-average common shares outstanding - EPS basic		229,463,522		213,649,374		228,337,871		204,923,085
6.00% Convertible Guaranteed Notes		3,758,546		4,684,069		3,946,334		6,029,067
Non-vested share-based payment awards		111,448		487,237		123,446		494,937
Operating Partnership Units		3,871,038		4,110,748		3,876,749		4,165,362
Preferred Shares - Series C		4,710,570		4,710,570		4,710,570		4,710,570
Weighted-average common shares outstanding - basic		241,915,124		227,641,998		240,994,970		220,323,021

Diluted:
Weighted-average common shares outstanding - basic		241,915,124		227,641,998		240,994,970		220,323,021
Options - Incremental shares		458,588		756,691		492,149		876,738
Weighted-average common shares outstanding - diluted		242,373,712		228,398,689		241,487,119		221,199,759

¹ Lexington believes that Funds from Operations (“FFO”), which is not a measure under generally accepted accounting principles (“GAAP”), is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO as “net income (or loss) computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.” NAREIT clarified its computation of FFO to exclude impairment charges on depreciable real estate owned directly or indirectly. FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.

Lexington presents “Reported Company funds from operations” or “Reported Company FFO,” which differs from FFO because it includes Lexington's operating partnership units, Lexington's 6.50% Series C Cumulative Convertible Preferred Shares, and Lexington's 6.00% Convertible Guaranteed Notes due 2030 because these securities are convertible, at the holder's option, into Lexington's common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents Reported Company FFO on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington's common shares, are converted. Lexington also presents “Company funds from operations, as adjusted” or “Company FFO, as adjusted,” which adjusts Reported Company FFO for certain items which Management believes are not indicative of the operating results of its real estate portfolio. Management believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate funds from operations in a similar fashion, Reported Company FFO and Company FFO, as adjusted, may not be comparable to similarly titled measures as reported by others. Reported Company FFO and Company FFO, as adjusted, should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.

²Reported Company Funds Available for Distribution ("FAD") is calculated by making adjustments to Company FFO, as adjusted, for (1) straight-line rent revenue, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) cash paid for tenant improvements, (5) cash paid for lease costs, (6) non-cash interest, net and (7) non-cash charges, net. Although FAD may not be comparable to that of other REITs, Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

# # #

LEXINGTON REALTY TRUST

2014 Third Quarter Capital Recycling Summary

	CAPITAL RECYCLING

	PROPERTY DISPOSITIONS
	Tenants (Guarantors)	Location		Property Type	Gross Sale Price ($000)		Annualized NOI ($000)		Month of Disposition
1	Multi-tenant	Johnson City	TN	Multi-tenant	$	4,000	$	174	July
2	Elsevier STM Inc. (Reed Elsevier Inc.)	San Antonio	TX	Industrial	$	41,000	$	3,652	July
3	Malone's Food Stores, Ltd.	Dallas	TX	Retail	$	3,300	$	358	August
4	Safeway, Inc.	Billings	MT	Retail	$	1,475	$	185	September
5	Vacant	Allentown	PA	Multi-tenant	$	2,800	$	-	September

5	TOTAL PROPERTY DISPOSITIONS				$	52,575	$	4,369

LEXINGTON REALTY TRUST

BUILD-TO-SUIT PROJECTS / FORWARD COMMITMENTS

9/30/2014

BUILD-TO-SUIT PROJECTED FUNDING SCHEDULE (1)

Location		Sq. Ft		Lease Term (Years)		Maximum Commitment/Estimated Completion Cost ($000)		Investment balance as of 9/30/14 ($000)(2)		Estimated Cash Investment Next 12 Months ($000)								Estimated Completion Date
										Q4 2014		Q1 2015		Q2 2015		Q3 2015
1 Oak Creek	WI		164,000		20	$	22,609	$	5,263	$	6,455	$	6,455	$	4,303	$	-	2Q 15
2 Richmond	VA		330,000		15	$	110,137	$	52,792	$	13,074	$	13,074	$	13,074	$	13,074	3Q 15
3 Lake Jackson	TX		664,000		20	$	166,164	$	27,498	$	350	$	16,700	$	16,700	$	16,700	4Q 16
4 Thomson	GA		208,000		15	$	10,245	$	830	$	2,700	$	4,000	$	2,700	$	-	2Q 15
4 TOTAL BUILD-TO-SUIT PROJECTS						$	309,155	$	86,383	$	22,579	$	40,229	$	36,777	$	29,774

FORWARD COMMITMENTS (1)

	Tenants	Location	Property Type	Estimated Acquisition Cost ($000)		Estimated Completion Date	Estimated Initial Cash Yield			Estimated GAAP Yield			Lease Term
1	Faurecia USA Holdings, Inc. (3)	Auburn Hills, MI	Office	$	40,025	1Q 15		7.9	%		9.0	%	14 yrs
2	Preferred Freezer Services of Richland LLC (4)	Richland, WA	Industrial	$	155,000	4Q 15		7.1	%		8.6	%	20 yrs
2	TOTAL FORWARD COMMITMENTS			$	195,025			7.3	%		8.7	%

BUILD-TO-SUIT NOI (5)

		2011				2012				2013				9 mo. 2014
Net operating income ($000)		$	1,156			$	5,268			$	11,920			$	15,103

Footnotes

(1)

Lexington can give no assurance that any of the build-to-suit projects or other potential investments that are under commitment or contract or in process will be completed.

(2)

Investment balance in accordance with GAAP included in investment in real estate under construction.

Aggregate

equity invested is $89,586

(3)

Lexington funded a $500 deposit and $2.5 million letter of credit.

(4)

Lexington funded a $10.0 million letter of credit.

(5)

Net operating income generated from completed build-to-suit projects funded by Lexington beginning in 2010.

LEXINGTON REALTY TRUST

2014 Third Quarter Leasing Summary

LEASE EXTENSIONS

	Tenants (Guarantors)	Location		Prior Term	Lease Expiration Date	Sq. Ft.		New Cash Rent Per Annum ($000)(1)		Prior Cash Rent Per Annum ($000)		New GAAP Rent Per Annum ($000)(1)		Prior GAAP Rent Per Annum ($000)
	Office			2015 Extensions
1	JPMorgan Chase Bank, National Association	Lake Mary	FL	09/2015	09/2020		125,155	$	1,627	$	1,885	$	1,757	$	2,050
2	JPMorgan Chase Bank, National Association	Lake Mary	FL	09/2015	09/2020		125,920	$	1,637	$	1,965	$	1,762	$	2,096
				2017 Extension
3	Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)	Louisville	CO	04/2017	04/2027		86,877	$	1,145	$	1,369	$	1,256	$	1,335
3	Total office lease extensions						337,952	$	4,409	$	5,219	$	4,775	$	5,481
	Industrial			2014 Extension
1	SKF USA, Inc.	Franklin	NC	12/31/2014	06/2015		72,868	$	300	$	456	$	300	$	271
				2015 Extension
2	Owens Corning Roofing and Asphalt, LLC	Minneapolis	MN	06/2015	12/2025		18,620	$	550	$	656	$	550	$	656
2	Total industrial lease extensions						91,488	$	850	$	1,112	$	850	$	927
				`
5	TOTAL EXTENDED LEASES						429,440	$	5,259	$	6,331	$	5,625	$	6,408

NEW LEASES

	Tenants (Guarantors)	Location			Lease Expiration Date	Sq. Ft.		New Cash Rent Per Annum ($000)(1)		New GAAP Rent Per Annum ($000)(1)
	Office/Multi-tenant
1	Freeport-McMoran Oil & Gas LLC		Houston	TX	10/2014		33,456	$	1,171	$	1,171
2	Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation)		Orlando	FL	10/2025		44,752	$	997	$	1,048
3-5	Various		Baltimore/Honolulu	MD/HI	2015-2025		2,504	$	41	$	41
5	TOTAL NEW LEASES						80,712	$	2,209	$	2,260
10	TOTAL NEW AND EXTENDED LEASES						510,152	$	7,468	$	7,885

LEXINGTON REALTY TRUST

2014 Third Quarter Leasing Summary (Continued)

LEASE NON-RENEWALS (2) / TERMINATIONS

	Tenants (Guarantors)	Location		Lease Expiration / Termination Date	Sq. Ft.		2014 Cash Rent (3) ($000)		2014 GAAP Rent (3) ($000)
	Office
1	Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation) (4)	Houston	TX	07/2014		101,111	$	999	$	949
2	BASF Corporation	Rockaway	NJ	07/2014		32,068	$	390	$	358
3	Global Health Exchange, Inc. (Global Health Exchange, LLC)	Louisville	CO	08/2014		20,000	$	-	$	-
						153,179	$	1,389	$	1,307

	Industrial
4	Wagner Industries, Inc. (5)	Jacksonville	FL	09/2014		20,000	$	17	$	17

	Retail
5	Kingswere Furniture, LLC (6)	Port Richey	FL	07/2014		53,820	$	218	$	218

5	TOTAL LEASE NON-RENEWALS					226,999	$	1,624	$	1,542

Footnotes

(1)

Assumes twelve months rent from the later of 10/1/14 or lease commencement/extension.

(2)

Excludes non-renewal space that was leased to new tenants.

(3)

Represents 2014 Cash and GAAP rents excluding termination payments, if any.

(4)

Lexington released 33,456 square feet through 10/31/2014.

(5)

Subsequent to 9/30/2014, tenant further contracted an additional 10,000 square feet.

(6)

Lexington received a $1.3 million termination fee.

LEXINGTON REALTY TRUST

Other Data

9/30/2014

($000)

Other Revenue Data

	GAAP Base Rent
	9 months ended
Asset Class	9/30/14 (1)		9/30/14 Percentage			9/30/13 Percentage
Long-Term Leases⁽²⁾	$	123,614		40.9	%		28.5	%
Office	$	114,723		38.0	%		46.3	%
Industrial	$	38,546		12.7	%		15.4	%
Multi-tenant	$	20,248		6.7	%		7.4	%
Retail/Specialty	$	5,145		1.7	%		2.4	%
	$	302,276		100.0	%		100.0	%

Long-Term Leases ⁽²⁾	GAAP Base Rent
	9 months ended
	9/30/14 (1)		9/30/14 Percentage			9/30/13 Percentage
Office	$	51,733		41.9	%		62.4	%
Land / Infrastructure	$	41,222		33.3	%		6.6	%
Industrial	$	28,608		23.1	%		29.0	%
Retail/Specialty	$	2,051		1.7	%		2.0	%
	$	123,614		100.0	%		100.0	%

Credit Ratings ⁽³⁾	GAAP Base Rent
	9 months ended
	9/30/14 (1)		9/30/14 Percentage			9/30/13 Percentage
Investment Grade	$	115,757		38.3	%		48.2	%
Non-Investment Grade	$	34,335		11.4	%		13.9	%
Unrated	$	152,184		50.3	%		37.9	%
	$	302,276		100.0	%		100.0	%

Footnotes

(1)

Nine months ended 9/30/2014 GAAP base rent recognized for consolidated properties owned as of 9/30/2014.

(2)

Long-term leases are defined as leases having a term of ten years or longer.

(3)

Credit ratings are based upon either tenant, guarantor or parent. Generally, multi-tenant assets are included in unrated.

LEXINGTON REALTY TRUST

Other Data (Continued)

9/30/2014

($000)

Weighted-Average Lease Term - Cash Basis			As of 9/30/14				As of 9/30/13
			11.4 years				7.3 years

Base Rent Estimates for Current Assets

Year	Cash ⁽¹⁾		GAAP ⁽¹⁾
2014 – remaining	$	84,977	$	99,469
2015	$	347,293	$	386,395
2016	$	331,729	$	364,904
2017	$	302,018	$	332,217
2018	$	275,944	$	304,557

Same-Store NOI ⁽²⁾	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
Total Base Rent	$	80,127		$	79,850		$	239,800		$	237,891
Tenant Reimbursements		6,850			7,311			20,484			21,909
Property Operating Expenses		(14,676	)		(14,587	)		(42,724	)		(42,669	)
Same-Store NOI	$	72,301		$	72,574		$	217,560		$	217,131

Change in Same-Store NOI		(0.4	)%					0.2	%

Footnotes

(1)

Amounts assume (1) lease terms for non-cancellable periods only and (2) no new or renegotiated leases are entered into after 9/30/2014.

(2)

NOI is on a consolidated cash basis.

LEXINGTON REALTY TRUST

Top 20 Markets

9/30/2014

	Core Based Statistical Area ⁽²⁾	Percent of GAAP Base Rent as of 9/30/14 (1)
1	New York-Northern New Jersey-Long Island, NY-NJ-PA		15.2	%
2	Dallas-Fort Worth-Arlington, TX		6.5	%
3	Houston-Sugar Land-Baytown, TX		5.9	%
4	Baltimore-Towson, MD		4.0	%
5	Memphis, TN-MS-AR		4.0	%
6	Phoenix-Mesa-Scottsdale, AZ		3.6	%
7	Kansas City, MO-KS		3.6	%
8	Orlando-Kissimmee, FL		3.6	%
9	Los Angeles-Long Beach-Santa Ana, CA		2.7	%
10	Denver-Aurora, CO		2.1	%
11	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		2.0	%
12	Boston-Cambridge-Quincy, MA-NH		2.0	%
13	Columbus, OH		1.9	%
14	Chicago-Naperville-Joliet, IL-IN-WI		1.8	%
15	Detroit-Warren-Livonia, MI		1.7	%
16	San Jose-Sunnyvale-Santa Clara, CA		1.6	%
17	Charlotte-Gastonia-Rock Hill, NC-SC		1.6	%
18	Indianapolis-Carmel, IN		1.5	%
19	Las Vegas-Paradise, NV		1.4	%
20	Atlanta-Sandy Springs-Marietta, GA		1.4	%
	Total Top 20 Markets ⁽³⁾		68.0	%

Footnotes

(1)

Nine months ended 9/30/2014 GAAP base rent recognized for consolidated properties owned as of 9/30/2014.

(2)

A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000 people, based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace the definitions of metropolitan areas that were defined in 1990.

(3)

Total shown may differ from detailed amounts due to rounding.

LEXINGTON REALTY TRUST

Top 20 Markets - Single Tenant Office Portfolio

9/30/2014

	Core Based Statistical Area ⁽²⁾	Percent of GAAP Base Rent as of 9/30/14 (1)
1	Dallas-Fort Worth-Arlington, TX		10.2	%
2	Kansas City, MO-KS		6.6	%
3	Orlando-Kissimmee, FL		6.1	%
4	Phoenix-Mesa-Scottsdale, AZ		5.4	%
5	Houston-Sugar Land-Baytown, TX		5.4	%
6	Los Angeles-Long Beach-Santa Ana, CA		4.8	%
7	New York-Northern New Jersey-Long Island, NY-NJ-PA		4.2	%
8	Denver-Aurora, CO		3.9	%
9	Memphis, TN-MS-AR		3.4	%
10	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		3.1	%
11	San Jose-Sunnyvale-Santa Clara, CA		3.0	%
12	Charlotte-Gastonia-Rock Hill, NC-SC		2.9	%
13	Chicago-Naperville-Joliet, IL-IN-WI		2.7	%
14	Indianapolis-Carmel, IN		2.6	%
15	Boston-Cambridge-Quincy, MA-NH		2.4	%
16	Washington-Arlington-Alexandria, DC-VA-MD-WV		2.2	%
17	Columbus, IN		2.0	%
18	Omaha-Council Bluffs, NE-IA		2.0	%
19	Las Vegas-Paradise, NV		1.9	%
20	Seattle-Tacoma-Bellevue, WA		1.9	%
	Total Top 20 Markets - Single Tenant Office Portfolio ⁽³⁾		76.8	%

Footnotes

(1)

Nine months ended 9/30/2014 GAAP base rent recognized for consolidated office properties owned as of 9/30/2014.

Includes long-term office properties.

(2)

(3)

Total shown may differ from detailed amounts due to rounding.

LEXINGTON REALTY TRUST

Tenant Industry Diversification

9/30/2014

Industry Category	Percent of GAAP Base Rent as of 9/30/2014 (1) (2)
Service		20.8	%
Finance/Insurance		11.0	%
Technology		9.8	%
Transportation/Logistics		8.0	%
Automotive		7.8	%
Energy		7.3	%
Healthcare		6.0	%
Consumer Products		5.8	%
Telecommunications		4.2	%
Construction/Materials		3.3	%
Aerospace/Defense		3.1	%
Food		3.0	%
Printing/Production		2.1	%
Education		2.0	%
Apparel		1.5	%
Retail Department		1.3	%
Retail Specialty		1.1	%
Media/Advertising		1.0	%
Real Estate		0.6	%
Retail Electronics		0.1	%
		100.0	%

Footnotes

(1)

Nine months ended 9/30/2014 GAAP base rent recognized for consolidated properties owned as of 9/30/2014.

(2)

Total shown may differ from detailed amounts due to rounding.

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

9/30/2014

Top 10 Tenants or Guarantors - Cash Basis

Tenants or Guarantors	Number of Leases		Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)			Cash Base Rent as of 9/30/2014 ($000) (1)		Percent of Cash Base Rent as of 9/30/2014 ($000) (1) (2)
Federal Express Corporation		3		787,829		1.9	%	$	9,396		3.4	%
Baker Hughes, Inc.		2		619,885		1.5	%	$	9,092		3.3	%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		7		2,053,359		5.0	%	$	7,665		2.8	%
US Government		3		398,214		1.0	%	$	6,783		2.5	%
Bank of America, National Association		9		754,216		1.9	%	$	6,605		2.4	%
Swiss Re America Holding Corporation / Westport Insurance Corporation		2		476,123		1.2	%	$	5,547		2.0	%
Xerox Corporation		1		202,000		0.5	%	$	5,303		1.9	%
Michelin North America, Inc.		3		2,503,916		6.2	%	$	5,257		1.9	%
T-Mobile USA, Inc.		5		386,078		0.9	%	$	5,158		1.9	%
Morgan, Lewis & Bockius LLP		1		289,432		0.7	%	$	4,960		1.8	%
		36		8,471,052		20.8	%	$	65,766		24.1	%

Top 10 Tenants or Guarantors - GAAP Basis

Tenants or Guarantors	Number of Leases		Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)			GAAP Base Rent as of 9/30/2014 ($000) (3)		Percent of GAAP Base Rent as of 9/30/2014 ($000) (3) (2)
LG-39 Ground Tenant LLC - New York City land		1		0		0.0	%	$	13,030		4.3	%
FC-Canal Ground Tenant LLC - New York City land		1		0		0.0	%	$	11,167		3.7	%
AL-Stone Ground Tenant LLC - New York City land		1		0		0.0	%	$	10,192		3.4	%
Federal Express Corporation		3		787,829		1.9	%	$	9,673		3.2	%
Bank of America, National Association		9		754,216		1.9	%	$	7,600		2.5	%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		7		2,053,359		5.0	%	$	7,455		2.5	%
US Government		3		398,214		1.0	%	$	7,120		2.4	%
Baker Hughes, Inc.		2		619,885		1.5	%	$	6,020		2.0	%
Swiss Re America Holding Corporation / Westport Insurance Corporation		2		476,123		1.2	%	$	5,571		1.8	%
Michelin North America, Inc.		3		2,503,916		6.2	%	$	5,288		1.7	%
		32		7,593,542		18.7	%	$	83,116		27.5	%

Footnotes

(1)

Nine months ended 9/30/2014 Cash base rent recognized for consolidated properties owned as of 9/30/2014.

(2)

Total shown may differ from detailed amounts due to rounding.

(3)

Nine months ended 9/30/2014 GAAP base rent recognized for consolidated properties owned as of 9/30/2014.

LEXINGTON REALTY TRUST

Select Credit Metrics

	9/30/2013			9/30/2014

Company FFO Payout Ratio		60.8	%		60.1	%

Unencumbered Assets (1)		$2.48 billion			$2.93 billion

Unencumbered NOI		55.9	%		59.9	%

(Debt + Preferred) / Gross Assets		40.8	%		44.1	%

Debt/Gross Assets		38.7	%		42.2	%

Market Cap Leverage		41.5	%		47.4	%

Secured Debt / Gross Assets		21.9	%		19.6	%

Net Debt / EBITDA		5.7	x		6.2	x

(Net Debt + Preferred) / EBITDA		6.1	x		6.5	x

Credit Facilities Availability		$511.4 million			$383.9 million

Development / Gross Assets		1.4	%		1.8	%

EBITDA / Revenue		77.0	%		73.4	%

EBITDA / (PrefDiv + Interest Expense)		3.0	x		3.2	x

(JV + Advisory Income) / Revenues		0.3	%		0.4	%

Footnotes

(1) Includes loans receivable.

LEXINGTON REALTY TRUST

Historical Credit Metrics Summary

	2009			2010			2011			2012			2013

Company FFO Payout Ratio		49.6	%		43.2	%		48.5	%		56.1	%		60.3	%

Unencumbered Assets (1)(2)	$	1.36 billion		$	1.49 billion		$	1.15 billion		$	1.76 billion		$	2.59 billion

Unencumbered NOI (1)		21.0	%		22.9	%		25.9	%		34.5	%		55.3	%

(Debt + Preferred) / Gross Assets		54.5	%		49.4	%		48.7	%		46.6	%		43.0	%

Debt/Gross Assets		46.9	%		41.5	%		40.9	%		41.1	%		41.1	%

Market Cap Leverage		65.3	%		53.7	%		52.5	%		46.6	%		45.4	%

Secured Debt / Gross Assets (1)		36.8	%		33.0	%		31.9	%		30.9	%		23.9	%

Net Debt / EBITDA		6.1	x		5.6	x		5.5	x		6.5	x		6.4	x

(Net Debt + Preferred) / EBITDA		7.1	x		6.7	x		6.6	x		7.3	x		6.7	x

Credit Facilities Availability	$	96.6 million		$	215.9 million		$	294.3 million		$	296.3 million		$	443.4 million

Development / Gross Assets		0.3	%		0.7	%		0.9	%		1.6	%		1.6	%

EBITDA / Revenue		81.4	%		80.1	%		77.0	%		76.5	%		74.4	%

EBITDA / (PrefDiv + Interest Expense)		2.2	x		2.2	x		2.3	x		2.4	x		3.1	x

(JV + Advisory Income or (loss)) / Revenues		N/A			5.9	%		8.5	%		4.4	%		0.5	%

Capital Raised (Retired), net (millions):

Common equity, net	$	20.0		$	166.7		$	99.7		$	162.7		$	434.9

Preferred equity, net	$	0.0		$	0.0		$	(15.5	)	$	(70.0	)	$	(155.0	)

Unsecured debt, gross (1)	$	46.0		$	82.5		$	0.0		$	190.4		$	443.3

Secured debt, gross	$	(291.9	)	$	(305.3	)	$	(121.3	)	$	(198.3	)	$	(128.1	)

Property dispositions net proceeds	$	113.1		$	80.2		$	124.0		$	155.2		$	75.5

Footnotes:

(1)

Revolving credit facility and term loans are currently unsecured thus all periods reflect such borrowings as unsecured.

(2)

Includes loans receivable.

LEXINGTON REALTY TRUST

FINANCIAL COVENANTS (1)

Corporate Level Debt

Bank Loans:		Must be:	9/30/2014

	Maximum Leverage	< 60%	51.3%
	Interest Coverage	> 1.5X	3.2X
	Fixed Charge Coverage	> 1.4X	2.3X
	Recourse Secured Indebtedness Ratio	< 10% cap value	0.4%
	Secured Indebtedness Ratio	< 45%	23.8%
	Minimum Net Worth	> $2.1 billion	$2.8 billion
	Floating Rate Debt	< 35%	6.6%
	Unsecured Debt Service Coverage	> 2.0X	4.2X
	Borrowing Base Assets Leverage	< 60%	48.6%
	Restricted Payments	< $20 million	$1.1 million

	Permitted Investments:
A	Joint Venture Investments	< 25% cap value	1.5%
B	Raw Land	< 10% cap value	0.0%
C	Construction/Development in Process	< 15% cap value	5.1%
D	Notes Receivable	< 10% cap value	3.1%
E	Ground Leases	< 20% cap value	9.3%
	Sum of A through E	< 40% cap value	19.1%
	Sum of B through D	< 25% cap value	8.2%

Bonds:

	Debt to Total Assets	< 60%	43.1%
	Secured Debt to Total Assets	< 40%	19.9%
	Debt Service Coverage	> 1.5X	3.5X
	Unencumbered Assets to Unsecured Debt	> 150%	273.9%

Footnotes

(1)

As defined in respective loan/bond agreements.

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Single-Tenant Properties GAAP Basis

9/30/2014

Year	Number of Leases Expiring		GAAP Base Rent as of 9/30/2014 ($000)		Percent of GAAP Base Rent as of 9/30/2014			Percent of GAAP Base Rent as of 9/30/2013
2014 - remaining		6	$	8,165		2.9	%		4.2	%
2015		11	$	8,236		2.9	%		6.2	%
2016		14	$	13,693		4.9	%		8.3	%
2017		18	$	18,155		6.5	%		7.6	%
2018		29	$	18,851		6.7	%		8.4	%
2019		19	$	21,113		7.5	%		8.5	%
2020		15	$	18,083		6.5	%		6.1	%
2021		10	$	15,823		5.7	%		6.4	%
2022		8	$	9,421		3.4	%		2.6	%
2023		8	$	19,482		7.0	%		7.4	%
2024 - Q1-Q3		5	$	5,359		1.9	%		2.5	%
Thereafter		64	$	123,256		44.1	%		26.5	%

Total ⁽¹⁾		207	$	279,637		100.0	%

Footnotes

(1) Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations.

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Properties GAAP Basis

9/30/2014

Year	Number of Leases Expiring		GAAP Base Rent as of 9/30/2014 ($000)		Percent of GAAP Base Rent as of 9/30/2014
2014 - remaining		31	$	9,602		3.2	%
2015		33	$	8,952		3.0	%
2016		30	$	15,217		5.1	%
2017		19	$	18,164		6.1	%
2018		33	$	20,599		6.9	%
2019		29	$	23,604		7.9	%
2020		17	$	18,157		6.1	%
2021		12	$	20,260		6.8	%
2022		8	$	9,421		3.2	%
2023		9	$	19,482		6.6	%
2024 - Q1-Q3		5	$	5,359		1.8	%
Thereafter		67	$	128,163		43.2	%

Total ⁽¹⁾		293	$	296,980		100.0	%

Footnotes

(1) Total shown may differ from detailed amounts due to rounding and does not include parking operations.

LEXINGTON REALTY TRUST

Lease Rollover Schedule by Property Type - Cash Basis

9/30/2014

	Office						Industrial						Retail/Specialty
Year	Net Rentable Area		Cash Rent as of 9/30/2014 ($000)		Annual Rent PSF (2)		Net Rentable Area		Cash Rent as of 9/30/2014 ($000)		Annual Rent PSF (2)		Net Rentable Area		Cash Rent as of 9/30/2014 ($000)		Annual Rent PSF (2)
2014 - remaining		651,974	$	8,334	$	17.04		-	$	-	$	-		29,119	$	84	$	3.85
2015		721,033	$	8,316	$	13.22		523,368	$	1,326	$	3.38		-	$	-	$	-
2016		886,710	$	7,359	$	11.07		2,260,336	$	5,629	$	3.32		43,123	$	192	$	5.94
2017		342,320	$	4,365	$	17.00		5,508,022	$	14,192	$	3.44		56,054	$	450	$	10.70
2018		1,107,733	$	11,586	$	13.95		1,530,121	$	2,961	$	2.58		949,530	$	2,347	$	3.86
2019		1,940,380	$	19,568	$	13.45		649,250	$	1,889	$	3.88		30,757	$	139	$	6.03
2020		1,105,324	$	12,317	$	14.86		1,249,216	$	5,695	$	6.08		-	$	-	$	-
2021		904,802	$	11,380	$	16.77		1,402,257	$	4,424	$	4.21		-	$	-	$	-
2022		741,771	$	8,592	$	15.44		257,849	$	957	$	4.95		-	$	-	$	-
2023		1,551,469	$	18,638	$	16.02		58,707	$	110	$	2.50		34,555	$	120	$	4.63
2024 - Q1-Q3		370,301	$	3,598	$	12.96		1,097,164	$	1,997	$	3.68		-	$	-	$	-
Thereafter		4,231,031	$	47,356	$	14.54		7,717,867	$	28,250	$	4.99		158,089	$	2,008	$	16.94
Total/Weighted Average ⁽¹⁾		14,554,848	$	161,409	$	14.57		22,254,157	$	67,430	$	4.14		1,301,227	$	5,340	$	5.65

	Multi-Tenant						Land / Infrastructure
Year	Net Rentable Area		Cash Rent as of 9/30/2014 ($000)		Annual Rent PSF (2)		Net Rentable Area (Acres)		Cash Rent as of 9/30/2014 ($000)		Annual Rent Per Acre ($000) (2)
2014 - remaining		212,125	$	1,437	$	9.03		-	$	-	$	-
2015		65,305	$	688	$	14.05		-	$	-	$	-
2016		142,272	$	1,573	$	14.74		-	$	-	$	-
2017		423	$	9	$	28.37		-	$	-	$	-
2018		118,137	$	1,627	$	18.36		-	$	-	$	-
2019		144,320	$	2,505	$	23.14		-	$	-	$	-
2020		62,693	$	70	$	1.49		-	$	-	$	-
2021		491,639	$	4,672	$	12.67		-	$	-	$	-
2022		-	$	-	$	-		-	$	-	$	-
2023		23,354	$	-	$	17.00		-	$	-	$	-
2024 - Q1-Q3		-	$	-	$	-		-	$	-	$	-
Thereafter		185,436	$	4,767	$	34.28		255.03	$	16,728	$	87.46
Total/Weighted Average ⁽¹⁾		1,445,704	$	17,348	$	16.00		255.03	$	16,728	$	87.46

Footnotes

(1)

Total shown may differ from detailed amounts due to rounding and does not include parking operations.

(2)

For properties acquired cash rents are annualized.

LEXINGTON REALTY TRUST

Long-Term Leases- Consolidated Portfolio - 9/30/2014

Year of
Lease
Expiration

Date of
Lease
Expiration

Property Location

City

State

Note

Primary Tenant (Guarantor)

Property Type

Sq.Ft.
Leased or
Available (1)

Cash
Rent
as of
9/30/2014 ($000) (2)

GAAP
Base Rent
as of 9/30/2014
($000) (3)

LONG-TERM LEASE PROPERTIES

2024

10/31/2024

1409 Centerpoint Blvd.

Knoxville

–

Alstom Power, Inc.

Office

84,404

1,377

1,349

11/30/2024

2050 Roanoke Rd.

Westlake

–

TD Auto Finance LLC

Office

77,906

1,164

1,339

12/31/2024

12000 & 12025 Tech Center Dr.

Livonia

–

Kelsey-Hayes Company (TRW Automotive Inc.)

Office

180,230

1,157

1,159

2025

1/31/2025

1401 Nolan Ryan Pkwy.

Arlington

–

Triumph Aerostructures, LLC (Triumph Group, Inc.)

Office

111,409

1,169

2/28/2025

1401 Nolan Ryan Pkwy.

Arlington

–

Infotech Enterprises America, Inc. (Infotech Enterprises Limited)

Office

13,590

3/14/2025

601 & 701 Experian Pkwy.

Allen

–

Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)

Office

292,700

2,305

2,225

3/31/2025

2706 Media Center Dr.

Los Angeles

Bank of America, National Association / Sony Electronics, Inc.

Office

82,526

173

403

6/30/2025

10000 Business Blvd.

Dry Ridge

–

Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited)

Industrial

336,350

1,009

2500 Patrick Henry Pkwy.

McDonough

–

Georgia Power Company

Office

111,911

957

926

301 Bill Bryan Rd.

Hopkinsville

–

Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)

Industrial

424,904

1,266

4010 Airpark Dr.

Owensboro

–

Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)

Industrial

211,598

906

730 North Black Branch Rd.

Elizabethtown

–

Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)

Industrial

167,770

402

750 North Black Branch Rd.

Elizabethtown

–

Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)

Industrial

539,592

2,129

7/14/2025

590 Ecology Ln.

Chester

–

Boral Stone Products LLC (Boral Limited)

Industrial

420,597

1,648

1,203

7/31/2025

7005 Cochran Rd.

Glenwillow

–

Royal Appliance Mfg. Co.

Industrial

458,000

1,530

1,688

9/30/2025

10001 Richmond Ave.

Houston

Baker Hughes Incorporated / Schlumberger Holdings Corp.

Office

554,385

8,163

5,531

10/31/2025

6277 Sea Harbor Dr.

Orlando

Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation)

Office

357,166

4,359

4,862

11/30/2025

11707 Miracle Hills Dr.

Omaha

–

Infocrossing, Inc.

Office

85,200

875

12/31/2025

1700 47th Ave North

Minneapolis

–

Owens Corning / Owens Corning Roofing and Asphalt, LLC

Industrial

18,620

462

2005 East Technology Cir.

Tempe

–

Infocrossing, Inc.

Office

60,000

846

4001 International Pkwy.

Carrollton

–

Motel 6 Operating, LP

Office

138,443

1,004

1,669

2026

3/30/2026

121 Technology Dr.

Durham

Heidelberg Americas, Inc. (Heidelberger Druckmaschinen AG) / Goss International Americas, Inc. (Goss International Corporation)

Industrial

500,500

3,596

1,903

3/31/2026

459 Wingo Rd.

Byhalia

–

Asics America Corporation (Asics Corporation)

Industrial

513,734

2,010

2,202

633 Garrett Pkwy.

Lewisburg

–

Calsonic Kansei North America, Inc.

Industrial

310,000

456

491

6/30/2026

333 Mt. Hope Ave.

Rockaway

Atlantic Health System, Inc.

Office

60,258

732

861

351 Chamber Dr.

Chillicothe

–

The Kitchen Collection, Inc.

Industrial

475,218

789

869

8/31/2026

25500 State Hwy. 249

Tomball

–

Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin)

Specialty

77,076

1,058

1,053

9/30/2026

900 Industrial Blvd.

Crossville

–

Dana Commercial Vehicle Products, LLC

Industrial

222,200

433

10/31/2026

5001 Greenwood Rd.

Shreveport

–

Libbey Glass Inc. (Libbey Inc.)

Industrial

646,000

1,559

1,624

11/30/2026

250 Rittenhouse Cir.

Bristol

–

Northtec LLC (The Estée Lauder Companies Inc.)

Industrial

241,977

802

860

500 Kinetic Dr.

Huntington

–

AMZN WVCS LLC (Amazon.com, Inc.)

Office

68,693

786

951

12/29/2026

5500 New Albany Rd.

Columbus

–

Evans, Mechwart, Hambleton & Tilton, Inc.

Office

104,807

1,186

1,303

2027

4/30/2027

1315 West Century Dr.

Louisville

–

Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)

Office

86,877

840

942

2424 Alpine Rd.

Eau Claire

–

Silver Spring Foods, Inc. (Huntsinger Farms, Inc.)

Industrial

159,000

802

752

6/30/2027

3902 Gene Field Rd

St. Joseph

–

Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation)

Office

98,849

1,320

1,495

7/6/2027

2221 Schrock Rd.

Columbus

–

MS Consultants, Inc.

Office

42,290

432

481

8/7/2027

25 Lakeview Dr.

Jessup

–

TMG Health, Inc.

Office

150,000

1,468

1,876

10/31/2027

11201 Renner Blvd.

Lenexa

–

United States of America

Office

169,585

4,181

4,568

11/30/2027

1700 Millrace Dr.

Eugene

Oregon Research Institute / Educational Policy Improvement Center

Office

80,011

1,221

1,554

12/31/2027

10590 Hamilton Ave.

Cincinnati

–

The Hillman Group, Inc.

Industrial

264,598

586

610

2028

3/31/2028

29-01-Borden Ave./29-10 Hunters Point Ave.

Long Island City

–

FedEx Ground Package System, Inc. (Federal Express Corporation)

Industrial

140,330

3,576

3,850

4/30/2028

9655 Maroon Circle

Englewood

–

TriZetto Corporation

Office

166,912

1,994

2,893

8/31/2028

9803 Edmonds Way

Edmonds

–

Pudget Consumers Co-op d/b/a PCC Natural Markets

Retail

35,459

485

11/30/2028

832 N. Westover Blvd .

Albany

–

Gander Mountain Company

Retail

45,554

465

513

2029

1/31/2029

6226 West Sahara Ave.

Las Vegas

–

Nevada Power Company

Office

282,000

2,732

3,190

LEXINGTON REALTY TRUST

Long-Term Leases- Consolidated Portfolio - 9/30/2014

Year of
Lease
Expiration

Date of
Lease
Expiration

Property Location

City

State

Note

Primary Tenant (Guarantor)

Property Type

Sq.Ft.
Leased or
Available (1)

Cash
Rent
as of
9/30/2014 ($000) (2)

GAAP
Base Rent
as of 9/30/2014
($000) (3)

LONG-TERM LEASE PROPERTIES

175 Holt Garrison Pkwy.

Danville

–

Home Depot USA, Inc.

Land and Infrastructure

195

162

12/31/2029

400 East Stone Ave.

Greenville

Canal Insurance Company

Office

128,041

743

3030 North 3rd St.

Phoenix

–

CopperPoint Mutual Insurance Company

Office

252,400

2,925

3,633

2030

4/7/2030

810 Gears Rd.

Houston

–

United States of America

Office

68,985

2031

5/31/2031

671 Washburn Switch Rd.

Shelby

–

Clearwater Paper Corporation

Industrial

673,518

1,685

1,950

2032

4/30/2032

13930 Pike Rd.

Missouri City

–

Vulcan Construction Materials, LP (Vulcan Materials Company)

Land and Infrastructure

1,352

1,592

10/31/2032

143 Diamond Avenue

Parachute

–

Encana Oil and Gas (USA) Inc. (Alenco Inc.)

Office

49,024

683

863

2033

10/31/2033

1001 Innovation Road

Rantoul

–

Easton-Bell Sports, Inc.

Industrial

813,126

2,473

3,009

11/30/2033

1331 Capitol Ave.

Omaha

–

The Gavilon Group, LLC

Office

127,810

2,077

2,483

12/31/2033

3000 Busch Lake Blvd.

Tampa

–

BluePearl Holdings, LLC

Office

17,000

356

2910 Busch Lake Blvd.

Tampa

–

BluePearl Holdings, LLC

Office

2,500

2950 Busch Lake Blvd.

Tampa

–

BluePearl Holdings, LLC

Office

8,000

113

19311 SH 249

Houston

–

BluePearl Holdings, LLC

Office

12,622

159

2034

3/31/2034

854 Paragon Way

Rock Hill

–

Physicians Choice Laboratory Services, LLC

Office

104,497

988

1,261

9/30/2034

5625 North Sloan Ln.

North Las Vegas

–

Nicholas and Co., Inc.

Industrial

180,235

131

990

2038

3/31/2038

13901/14035 Industrial Rd.

Houston

–

Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware) LLC)

Land and Infrastructure

132,449

4,018

5,079

2112

10/31/2112

350 and 370-372 Canal St.

New York

–

FC-Canal Ground Tenant LLC

Land and Infrastructure

3,625

11,167

309-313 West 39th St.

New York

–

LG-39 Ground Tenant LLC

Land and Infrastructure

4,230

13,030

8-12 Stone St.

New York

–

AL-Stone Ground Tenant LLC

Land and Infrastructure

3,308

10,192

N/A

Vacant

1315 West Century Dr.

Louisville

–

(Available for Lease)

Office

20,000

2050 Roanoke Rd.

Westlake

–

(Available for Lease)

Office

52,293

333 Mt. Hope Ave.

Rockaway

(Available for Lease)

Office

32,068

390

358

6277 Sea Harbor Dr.

Orlando

–

(Available for Lease)

Office

1,215

810 Gears Rd.

Houston

–

(Available for Lease)

Office

9,910

1401 Nolan Ryan Pkwy.

Arlington

–

(Available for Lease)

Office

36,809

LONG TERM TOTAL/WEIGHTED AVERAGE

98.8% Leased

12,391,731

94,732

123,614

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2014

Year of Lease
Expiration

Date of Lease
Expiration

Property Location

City

State

Note

Primary Tenant (Guarantor)

Sq.Ft.
Leased or
Available (1)

Cash
Rent
as of
9/30/2014 ($000)
(2)

GAAP
Base Rent
as of 9/30/2014
($000) (3)

OFFICE PROPERTIES

2014

10/31/2014

700 US Hwy. Route 202-206

Bridgewater

–

Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.)

115,558

1,526

1,591

12/14/2014

22011 Southeast 51st St.

Issaquah

–

Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)

95,600

1,640

1,486

5150 220th Ave.

Issaquah

–

Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)

106,944

1,820

1,677

12/31/2014

180 South Clinton St.

Rochester

–

Frontier Corporation

226,000

2,276

2,271

275 Technology Dr.

Canonsburg

–

ANSYS, Inc.

107,872

1,072

1,033

2015

1/31/2015

26555 Northwestern Hwy.

Southfield

–

Federal-Mogul Holdings Corp.

187,163

869

1,064

3/31/2015

3940 South Teller St.

Lakewood

–

MoneyGram Payment Systems, Inc.

68,165

826

818

6/30/2015

33 Commercial St.

Foxboro

–

Invensys Systems, Inc. (Siebe, Inc.)

164,689

3,747

2,811

3711 San Gabriel

Mission

–

VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation

75,016

788

632

9/27/2015

2529 West Thorne Dr.

Houston

–

Baker Hughes Incorporated

65,500

929

489

9/30/2015

500 Olde Worthington Rd.

Westerville

–

InVentiv Communications, Inc.

97,000

835

942

10/31/2015

12209 West Markham St.

Little Rock

Entergy Arkansas, Inc.

36,311

178

5201 West Barraque St.

Pine Bluff

Entergy Arkansas, Inc.

27,189

144

106

2016

1/31/2016

1600 Eberhardt Rd.

Temple

–

Nextel of Texas, Inc. (Nextel Finance Company)

108,800

1,256

1,010

4/30/2016

11511 Luna Rd.

Farmers Branch

–

Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.)

180,507

1,808

2,391

2000 Eastman Dr.

Milford

–

Siemens Corporation

221,215

1,865

1,739

5/31/2016

1200 Jupiter Rd.

Garland

–

Raytheon Company

278,759

1,130

1,298

7/14/2016

1400 Northeast McWilliams Rd.

Bremerton

–

Nextel West Corporation (Nextel Finance Company)

60,200

911

10/31/2016

104 & 110 South Front St.

Memphis

–

Hnedak Bobo Group, Inc.

37,229

389

376

2017

3/31/2017

1701 Market St.

Philadelphia

Car-Tel Communications, Inc.

1,220

9/30/2017

9201 East Dry Creek Rd.

Centennial

Arrow Electronics, Inc.

128,500

2,098

1,771

10/31/2017

4455 American Way

Baton Rouge

–

New Cingular Wireless PCS, LLC

70,100

778

832

6200 Northwest Pkwy.

San Antonio

–

United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC

142,500

1,447

1,400

2018

1/31/2018

820 Gears Rd.

Houston

–

Ricoh Americas Corporation

78,895

766

866

2/28/2018

850-950 Warrenville Rd.

Lisle

–

Flexible Steel Lacing Company, d/b/a Flexco, Inc.

7,535

107

4/30/2018

Sandlake Rd./Kirkman Rd.

Orlando

–

Lockheed Martin Corporation

184,000

720

1,402

5/30/2018

13651 McLearen Rd.

Herndon

–

United States of America

159,644

2,602

2,552

5/31/2018

8900 Freeport Pkwy.

Irving

–

Pacific Union Financial, LLC.

43,396

594

549

6/30/2018

100 Barnes Rd.

Wallingford

–

3M Company

44,400

368

380

420 Riverport Rd.

Kingsport

–

Kingsport Power Company

42,770

233

8/31/2018

3500 North Loop Rd.

McDonough

–

Litton Loan Servicing LP

62,218

952

667

9/30/2018

1701 Market St.

Philadelphia

CBC Restaurant Corp.

8,070

168

158

10/31/2018

3943 Denny Ave.

Pascagoula

–

Huntington Ingalls Incorporated

94,841

447

12/22/2018

5200 Metcalf Ave.

Overland Park

–

Swiss Re America Holding Corporation / Westport Insurance Corporation

320,198

3,772

3,796

12/31/2018

2550 Interstate Dr.

Harrisburg

–

AT&T Services, Inc.

61,766

857

949

2019

1/31/2019

2999 Southwest 6th St.

Redmond

–

VoiceStream PCS I, LLC / T-Mobile West Corporation (T-Mobile USA, Inc.)

77,484

1,243

1,101

4/1/2019

9201 Stateline Rd.

Kansas City

–

Swiss Re America Holding Corporation / Westport Insurance Corporation

155,925

1,775

6/19/2019

3965 Airways Blvd.

Memphis

–

Federal Express Corporation

521,286

5,199

5,260

6/28/2019

3265 East Goldstone Dr.

Meridian

–

VoiceStream PCS Holding, LLC / T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.)

77,484

1,033

829

7/15/2019

19019 North 59th Ave.

Glendale

–

Honeywell International Inc.

252,300

1,376

1,426

7/31/2019

500 Jackson St.

Columbus

–

Cummins, Inc.

390,100

3,442

3,405

10/31/2019

10475 Crosspoint Blvd.

Indianapolis

John Wiley & Sons, Inc.

141,416

1,726

1,761

9601 Renner Blvd.

Lenexa

–

VoiceStream PCS II Corporation (T-Mobile USA, Inc.)

77,484

1,051

857

12/31/2019

1066 Main St.

Forest Park

–

Bank of America, N.A. (Bank of America Corporation)

14,859

149

1698 Mountain Industrial Blvd.

Stone Mountain

–

Bank of America, N.A. (Bank of America Corporation)

5,704

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2014

Year of Lease
Expiration

Date of Lease
Expiration

Property Location

City

State

Note

Primary Tenant (Guarantor)

Sq.Ft.
Leased or
Available (1)

Cash
Rent
as of
9/30/2014 ($000)
(2)

GAAP
Base Rent
as of 9/30/2014
($000) (3)

OFFICE PROPERTIES

201 West Main St.

Cumming

–

Bank of America, N.A. (Bank of America Corporation)

14,208

149

2223 North Druid Hills Rd.

Atlanta

–

Bank of America, N.A. (Bank of America Corporation)

6,260

400 Butler Farm Rd.

Hampton

–

Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)

100,632

998

794

4545 Chamblee – Dunwoody Rd.

Dunwoody

–

Bank of America, N.A. (Bank of America Corporation)

4,565

825 Southway Dr.

Jonesboro

–

Bank of America, N.A. (Bank of America Corporation)

4,894

850-950 Warrenville Rd.

Lisle

–

National-Louis University / James J. Benes & Associates, Inc.

91,879

1,089

1,169

956 Ponce de Leon Ave.

Atlanta

–

Bank of America, N.A. (Bank of America Corporation)

3,900

2020

1/31/2020

10300 Kincaid Dr.

Fishers

–

Roche Diagnostics Operations, Inc.

193,000

2,606

2,568

2/14/2020

5600 Broken Sound Blvd.

Boca Raton

–

Canon Solutions America, Inc. (Oce - USA Holding, Inc.)

143,290

1,744

1,683

5/31/2020

2401 Cherahala Blvd.

Knoxville

–

AdvancePCS, Inc. / CaremarkPCS, L.L.C.

59,748

543

580

6/30/2020

10419 North 30th St.

Tampa

–

Time Customer Service, Inc. (Time Incorporated)

132,981

1,089

1,085

7/8/2020

1460 Tobias Gadsen Blvd.

Charleston

–

Hagemeyer North America, Inc.

50,076

629

630

7/31/2020

13775 McLearen Rd.

Herndon

Orange Business Services U.S., Inc. (Equant N.V.)

136,617

937

1,157

8/31/2020

133 First Park Dr.

Oakland

–

Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)

78,610

1,043

860

9/30/2020

550 Business Center Dr.

Lake Mary

–

JPMorgan Chase Bank, National Association

125,920

1,482

1,530

600 Business Center Dr.

Lake Mary

–

JPMorgan Chase Bank, National Association

125,155

1,419

1,499

9200 South Park Center Loop

Orlando

–

Corinthian Colleges, Inc.

59,927

825

852

2021

1/31/2021

1701 Market St.

Philadelphia

Morgan, Lewis & Bockius LLP

289,432

3,187

3,224

3/31/2021

1311 Broadfield Blvd.

Houston

–

Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)

155,040

1,744

1,967

6/30/2021

1415 Wyckoff Rd.

Wall

–

New Jersey Natural Gas Company

157,511

2,484

8/31/2021

333 Three D Systems Circle

Rock Hill

–

3D Systems Corporation

80,028

502

516

11/30/2021

29 South Jefferson Rd.

Whippany

–

CAE SimuFlite, Inc. (CAE INC.)

123,734

1,845

1,745

12/31/2021

2800 Waterford Lake Dr.

Midlothian

–

Alstom Power, Inc.

99,057

1,618

1,638

2022

1/31/2022

26210 and 26220 Enterprise Court

Lake Forest

–

Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)

100,012

954

899

3/14/2022

4400 Northcorp Pkwy.

Palm Beach Gardens

Office Suites Plus Properties, Inc. / The Weiss Group, LLC

18,500

6/30/2022

8555 South River Pkwy.

Tempe

–

DA Nanomaterials L.L.C./ Air Products and Chemicals, Inc.

95,133

1,176

1,270

7/31/2022

1440 E 15th Street

Tucson

–

CoxCom, LLC

28,591

410

11/30/2022

4201 Marsh Ln.

Carrollton

–

Carlson Restaurants Inc. (Carlson, Inc.)

130,000

1,513

1,399

12/31/2022

147 Milk St.

Boston

–

Harvard Vanguard Medical Associates, Inc.

52,337

1,276

1,246

231 N. Martingale Rd.

Schaumburg

–

CEC Educational Services, LLC (Career Education Corporation)

317,198

3,171

3,177

2023

2/28/2023

2211 South 47th St.

Phoenix

–

Avnet, Inc.

176,402

1,652

1,844

3/31/2023

6555 Sierra Dr.

Irving

–

TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)

247,254

2,386

2,214

8900 Freeport Pkwy.

Irving

–

Nissan Motor Acceptance Corporation (Nissan North America, Inc.)

225,049

2,659

2,755

6/30/2023

12600 Gateway Blvd.

Fort Myers

–

Alta Resources Corp.

63,261

669

727

7/1/2023

275 South Valencia Ave.

Brea

–

Bank of America, National Association

637,503

5,969

6,734

12/14/2023

3333 Coyote Hill Rd.

Palo Alto

–

Xerox Corporation

202,000

5,303

4,981

2024

2/14/2024

1362 Celebration Blvd.

Florence

–

MED3000, Inc.

32,000

399

430

5/31/2024

3476 Stateview Blvd.

Fort Mill

–

Wells Fargo Bank, N.A.

169,083

1,427

1,462

3480 Stateview Blvd.

Fort Mill

–

Wells Fargo Bank, N.A.

169,218

1,772

1,519

N/A

1701 Market St.

Philadelphia

Parking Operations

1,773

N/A

Vacant

1701 Market St.

Philadelphia

(Available for Lease)

5,315

2550 Interstate Dr.

Harrisburg

–

(Available for Lease)

27,584

OFFICE TOTAL/WEIGHTED AVERAGE

99.7% Leased

10,356,716

115,826

114,723

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2014

Year of Lease
Expiration

Date of Lease
Expiration

Property Location

City

State

Note

Primary Tenant (Guarantor)

Sq. Ft.
Leased or
Available (1)

Cash
Rent
as of
9/30/2014 ($000)
(2)

GAAP
Base Rent
as of 9/30/2014
($000) (3)

INDUSTRIAL PROPERTIES

2015

6/30/2015

2935 Van Vactor Dr.

Plymouth

–

Bay Valley Foods, LLC

300,500

627

324 Industrial Park Rd.

Franklin

–

SKF USA, Inc.

72,868

342

203

12/31/2015

749 Southrock Dr.

Rockford

–

Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)

150,000

357

366

2016

2/28/2016

7670 Hacks Cross Rd.

Olive Branch

–

MAHLE Aftermarket Inc. (MAHLE Industries, Incorporated)

268,104

716

687

3/31/2016

2455 Premier Dr.

Orlando

–

Walgreen Co. / Walgreen Eastern Co.

205,016

381

589

5/31/2016

291 Park Center Dr.

Winchester

–

Kraft Foods Global, Inc.

344,700

950

967

6/30/2016

1133 Poplar Creek Rd.

Henderson

–

Staples, Inc. / Corporate Express, Inc.

196,946

591

609

7/31/2016

7111 Crabb Rd.

Temperance

–

Michelin North America, Inc.

744,570

1,714

11/30/2016

736 Addison Rd.

Erwin

–

Corning, Incorporated

408,000

974

12/31/2016

3686 South Central Ave.

Rockford

Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) / Pierce Packaging Co.

93,000

303

236

2017

1/31/2017

101 Michelin Dr.

Laurens

–

Michelin North America, Inc.

1,164,000

2,540

109 Stevens St.

Jacksonville

Wagner Industries, Inc.

110,000

182

2/28/2017

3456 Meyers Ave.

Memphis

–

Sears, Roebuck and Co. / Sears Logistics Services

780,000

1,194

1,271

4/30/2017

3600 Army Post Rd.

Des Moines

–

HP Enterprise Services, LLC

405,000

1,919

1,539

5/31/2017

191 Arrowhead Dr.

Hebron

–

Owens Corning Insulating Systems, LLC

250,410

343

200 Arrowhead Dr.

Hebron

–

Owens Corning Insulating Systems, LLC

400,522

686

6/30/2017

7500 Chavenelle Rd.

Dubuque

–

The McGraw-Hill Companies, Inc.

330,988

930

873

9/30/2017

250 Swathmore Ave.

High Point

–

Steelcase Inc.

244,851

840

815

10/31/2017

1420 Greenwood Rd.

McDonough

–

Versacold USA, Inc.

296,972

2,041

1,947

43955 Plymouth Oaks Blvd.

Plymouth

–

Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.)

290,133

1,034

1,106

12/31/2017

2203 Sherrill Dr.

Statesville

–

Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)

639,800

1,480

1,437

2415 US Hwy. 78 East

Moody

–

Michelin North America, Inc.

595,346

1,003

1,034

2018

6/30/2018

1650-1654 Williams Rd.

Columbus

–

ODW Logistics, Inc.

772,450

1,010

1,007

9/30/2018

50 Tyger River Dr.

Duncan

–

Plastic Omnium Auto Exteriors, LLC

221,833

769

904 Industrial Rd.

Marshall

–

Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)

246,508

631

523

12/31/2018

120 Southeast Pkwy. Dr.

Franklin

–

Essex Group, Inc. (United Technologies Corporation)

289,330

551

2019

10/17/2019

10345 Philipp Pkwy.

Streetsboro

–

L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)

649,250

1,889

1,958

2020

3/31/2020

2425 Hwy. 77 North

Waxahachie

–

James Hardie Building Products, Inc. (James Hardie NV & James Hardie Industries NV)

335,610

2,550

5/31/2020

359 Gateway Dr.

Lavonia

–

TI Group Automotive Systems, LLC (TI Automotive Ltd.)

133,221

900

714

6/30/2020

3102 Queen Palm Dr.

Tampa

–

Time Customer Service, Inc. (Time Incorporated)

229,605

1,027

957

9/30/2020

3350 Miac Cove Rd.

Memphis

–

Mimeo.com, Inc.

107,400

321

299

12/19/2020

1901 Ragu Dr.

Owensboro

Unilever Supply Chain, Inc. (Unilever United States, Inc.)

443,380

897

1,119

2021

5/31/2021

477 Distribution Pkwy.

Collierville

–

Federal Express Corporation / FedEx Techconnect, Inc.

126,213

621

563

9/30/2021

3820 Micro Dr.

Millington

–

Ingram Micro L.P. (Ingram Micro Inc.)

701,819

1,269

1,359

10/25/2021

6938 Elm Valley Dr.

Kalamazoo

–

Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)

150,945

1,520

1,310

11/30/2021

2880 Kenny Biggs Rd.

Lumberton

–

Quickie Manufacturing Corporation

423,280

1,014

1,017

2022

3/31/2022

5417 Campus Dr.

Shreveport

–

The Tire Rack, Inc.

257,849

957

1,005

2023

12/31/2023

1601 Pratt Ave.

Marshall

–

Autocam Corporation

58,707

110

2024

4/30/2024

113 Wells St.

North Berwick

–

United Technologies Corporation

972,625

1,152

1,048

5/31/2024

901 East Bingen Point Way

Bingen

–

The Boeing Company

124,539

845

900

N/A

Vacant

109 Stevens St.

Jacksonville

(Available for Lease)

58,800

3350 Miac Cove Rd.

Memphis

–

(Available for Lease)

32,679

INDUSTRIAL TOTAL/WEIGHTED AVERAGE

99.4% Leased

14,627,769

39,222

38,546

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2014

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note		Primary Tenant	Sq.Ft.		Percentage Leased			Cash Rent as of 9/30/2014 ($000) (2)		GAAP Base Rent as of 9/30/2014 ($000) (3)		Debt Balance ($000)
MULTI-TENANT PROPERTIES (8,14)
Various	Various	100 Light St.	Baltimore	MD		13	Multi-Tenant		476,459		95	%		12,165		12,070		55,000
		101 East Erie St.	Chicago	IL		11	Multi-Tenant		230,704		0	%		860		1,078		29,847
		13430 North Black Canyon Fwy.	Phoenix	AZ		–	Multi-Tenant		138,940		100	%		2,023		1,988		0
		1501 Nolan Ryan Pkwy.	Arlington	TX		–	Multi-Tenant		74,739		0	%		0		0		0
		16676 Northchase Dr.	Houston	TX		11	Multi-Tenant		101,111		33	%		1,194		1,144		11,486
		2210 Enterprise Dr.	Florence	SC		–	Multi-Tenant		176,557		70	%		1,281		1,263		0
		3165 McKelvey Rd.	Bridgeton	MO		–	Multi-Tenant		51,067		50	%		144		302		0
		4200 Northcorp Pkwy.	Palm Beach Gardens	FL		–	Multi-Tenant		95,065		74	%		393		393		0
		6050 Dana Way	Antioch	TN		–	Multi-Tenant		672,629		81	%		1,386		1,371		0
		King St./1042 Fort St. Mall	Honolulu	HI		–	Multi-Tenant		77,459		72	%		639		639		0
MULTI-TENANT TOTAL/WEIGHTED AVERAGE							69.0% Leased		2,094,730				$	20,085	$	20,248	$	96,333

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2014

Year of Lease
Expiration

Date of Lease

Expiration

Property Location

City

State

Note

Primary Tenant (Guarantor)

Sq.Ft.
Leased or
Available (1)

Cash
Rent

as of

9/30/2014 ($000)
(2)

GAAP
Base Rent
as of 9/30/2014
($000) (3)

RETAIL/SPECIALTY PROPERTIES

2014

10/31/2014

1084 East Second St.

Franklin

–

Marsh Supermarkets, LLC / Crystal Food Services, LLC

29,119

107

2016

5/31/2016

6910 South Memorial Hwy.

Tulsa

–

Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc.

43,123

192

2017

6/30/2017

1600 East 23rd St.

Chattanooga

–

BI-LO, LLC

42,130

12/31/2017

11411 North Kelly Ave.

Oklahoma City

–

American Golf Corporation

13,924

356

243

2018

2/26/2018

4831 Whipple Ave., Northwest

Canton

–

Best Buy Co., Inc.

46,350

349

2/28/2018

291 Talbert Blvd.

Lexington

–

Food Lion, LLC / Delhaize America, Inc.

23,000

104

3211 West Beverly St.

Staunton

–

Food Lion, LLC / Delhaize America, Inc.

23,000

124

7/1/2018

1053 Mineral Springs Rd.

Paris

–

The Kroger Co.

31,170

119

126

9/30/2018

835 Julian Ave.

Thomasville

–

Mighty Dollar, LLC

23,767

10/31/2018

130 Midland Ave.

Port Chester

–

A&P Real Property, LLC (Pathmark Stores, Inc.)

59,000

344

731

5104 North Franklin Rd.

Lawrence

–

Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC

28,721

145

12/31/2018

1150 West Carl Sandburg Dr.

Galesburg

–

Kmart Corporation

94,970

119

247

12080 Carmel Mountain Rd.

San Diego

–

Kmart Corporation

107,210

135

563

21082 Pioneer Plaza Dr.

Watertown

–

Kmart Corporation

120,727

199

361

255 Northgate Dr.

Manteca

–

Kmart Corporation

107,489

211

416

5350 Leavitt Rd.

Lorain

–

Kmart Corporation

193,193

300

548

97 Seneca Trail

Fairlea

–

Kmart Corporation

90,933

140

260

2019

3/31/2019

B.E.C. 45th St./Lee Blvd.

Lawton

–

Associated Wholesale Grocers, Inc. / Safeway, Inc.

30,757

139

142

2023

2/28/2023

733 East Main St.

Jefferson

–

Food Lion, LLC / Delhaize America, Inc.

34,555

120

117

N/A

Vacant

10340 U.S. 19

Port Richey

(Available for Lease)

53,820

218

RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE

95.5% Leased

1,196,958

3,550

5,145

TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE

97.6% Leased

40,667,904

273,415

302,276

Footnotes

Square foot leased or available.

Nine months ended 9/30/2014 cash rent.

Nine months ended 9/30/2014 GAAP base rent.

Lexington has an 87.5% interest in this property.

Sony Electronics, Inc. lease for 20,203 square feet expires 08/31/2015.

Lexington has a 71.1% interest in this property.

Jacobson Warehouse Company, Inc. lease expires 12/31/2014; however, new tenant (Pierce Packaging Co.) lease expires 12/31/2016.

Multi-tenant properties are properties less than 50% leased to a single tenant.

Property is classified as a capital lease for GAAP, accordingly $748 of income is included in non-operating income. Tenant exercised purchase option within lease for $11.55 million, closing anticipated by 12/31/2014.

Tenant contracted to 100,000 square feet subsequent to 9/30/2014.

Cash and GAAP rent amounts represent/include prior tenant.

24,824 square feet is leased to 7/31/2025.

Includes parking operations.

The multi-tenanted properties incurred approximately $7.9 million in operating expenses, net for the nine months ended 9/30/2014.

Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026.

RGN-Indianapolis I, LLC lease for 14,236 square feet expires 07/2024. McGrady Hill LLC lease for 3,764 square feet expires 11/2017.

Educational Policy Improvement Center lease for 10,791 square feet expires 11/2019; however, space is then leased to Oregon Research Institute through 11/2027.

Baker Hughes Incorporated lease expires 09/2015; however, new tenant (Schlumberger Holdings Corp.) lease expires 09/2025.

Aramark Corporation lease for 8,261 square feet expires 11/2017 and Orlando /Orange County Convention & Visitor Bureau, Inc. lease for 44,752 square feet expires 09/2024.

Subsequent to 9/30/2014, lease extended to 10/2020.

Subsequent to 9/30/2014, lease extended to 10/2017.

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

9/30/2014

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)	Current Estimated Annual Debt Service ($000)^(d)		Balloon Payment ($000)
Issaquah, WA	(b)	$	30,448		5.665	%	12/2014	$	479	$	30,388
Canonsburg, PA	(b)		9,095		5.426	%	12/2014		82		9,095
Chicago, IL	(b)		29,847		5.639	%	01/2015		517		29,900
Franklin, NC			132		8.500	%	04/2015		135		-
Kalamazoo, MI			15,449		5.411	%	05/2015		740		15,087
Houston, TX			11,486		5.210	%	05/2015		705		11,282
Los Angeles, CA			9,903		5.110	%	05/2015		479		9,760
Harrisburg, PA			7,905		5.110	%	05/2015		382		7,792
McDonough, GA			11,524		5.212	%	06/2015		627		11,349
Mission, TX			5,468		5.783	%	06/2015		335		5,371
Carrollton, TX	(b)		18,922		5.725	%	07/2015		1,119		18,710
Elizabethtown, KY	(j)		12,281		4.990	%	07/2015		784		12,002
Hopkinsville, KY			7,176		4.990	%	07/2015		458		7,014
Dry Ridge, KY	(i)		2,699		4.990	%	07/2015		191		2,619
Owensboro, KY	(i)		2,279		4.990	%	07/2015		163		2,209
Elizabethtown, KY	(j)		2,308		4.990	%	07/2015		147		2,256
Houston, TX	(b)		23,393		6.250	%	09/2015		7,099		18,161
Houston, TX			2,778		8.036	%	09/2015		886		2,203
Temple, TX			7,964		6.090	%	01/2016		668		7,463
Bridgewater, NJ			14,137		5.732	%	03/2016		1,035		13,825
Omaha, NE			7,834		5.610	%	04/2016		621		7,560
Bremerton, WA			5,958		6.090	%	04/2016		494		5,479
Tempe, AZ			7,399		5.610	%	04/2016		586		7,140
Byhalia, MS	(n)		15,000		4.710	%	06/2016		707		15,000
Lisle, IL			9,653		6.500	%	06/2016		793		9,377
Farmers Branch, TX	(b)		18,415		5.939	%	07/2016		1,136		18,363
Rochester, NY			17,331		6.210	%	08/2016		1,383		16,765
Glenwillow, OH			15,648		6.130	%	09/2016		1,240		15,132
Plymouth, IN			5,947		6.315	%	09/2016		497		5,723
Tomball, TX			8,822		6.063	%	11/2016		683		8,041
Memphis, TN			3,633		5.710	%	01/2017		275		3,484
Huntington, WV			6,500		4.150	%	02/2017		270		6,500
Orlando, FL			9,635		5.722	%	02/2017		696		9,309
Dubuque, IA			9,340		5.402	%	06/2017		733		8,725
Shreveport, LA			19,000		5.690	%	07/2017		1,096		19,000
McDonough, GA			22,582		6.110	%	11/2017		1,674		21,651
Lorain, OH	(b)		1,197		7.750	%	07/2018		108		-
Manteca, CA	(b)		846		7.750	%	07/2018		77		-
Watertown, NY	(b)		795		7.750	%	07/2018		72		-
Lewisburg, WV	(b)		559		7.750	%	07/2018		51		-
San Diego, CA	(b)		539		7.750	%	07/2018		49		-
Galesburg, IL	(b)		475		7.750	%	07/2018		43		-
Erwin, NY			8,380		5.910	%	10/2018		728		6,637
Boston, MA			12,598		6.100	%	12/2018		996		11,520
North Berwick, ME			6,471		3.560	%	04/2019		1,532		-
Overland Park, KS	(b)		34,878		5.891	%	05/2019		2,657		31,867
Kansas City, MO	(b)		16,630		5.883	%	05/2019		1,268		15,182
Columbus, IN			26,132		2.210	%	07/2019		4,613		4,993

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

9/30/2014

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)	Current Estimated Annual Debt Service ($000)^(d)		Balloon Payment ($000)
Meridian, ID			9,850		6.010	%	08/2019		753		7,675
Streetsboro, OH	(b)		18,008		5.749	%	09/2019		1,344		16,338
Lenexa, KS			9,950		6.270	%	12/2019		774		7,770
Boca Raton, FL			19,930		6.470	%	02/2020		1,542		18,414
Oakland, ME			9,112		5.930	%	10/2020		750		7,660
Lavonia, GA			8,033		5.460	%	12/2020		741		5,895
Wall, NJ	(b)		19,870		6.250	%	01/2021		3,543		-
Charleston, SC			7,299		5.850	%	02/2021		520		6,632
Whippany, NJ			14,262		6.298	%	11/2021		1,344		10,400
Baltimore, MD			55,000		4.320	%	06/2023		2,376		47,676
Palo Alto, CA			54,761		3.970	%	12/2023		7,059		-
Chester, SC			9,544		5.380	%	08/2025		1,144		362
New York, NY	(e)		213,500		4.660	%	01/2027		10,083		200,632
Lenexa, KS			38,695		3.700	%	11/2027		3,027		10,000
Subtotal/Wtg. Avg./Years Remaining ^(l)		$	1,005,205		5.186	%	5.9	$	77,109	$	803,388

Corporate (k)
Term Loan		$	250,000		2.442	%	02/2018	$	6,190	$	250,000
Term Loan			255,000		3.173	%	01/2019		8,204		255,000
Senior Notes	(h)		250,000		4.250	%	06/2023		10,625		250,000
Senior Notes	(f)		250,000		4.400	%	06/2024		11,000		250,000
Convertible Notes	(m)(c)		24,786		6.000	%	01/2030		1,487		24,786
Trust Preferred Notes	(g)		129,120		6.804	%	04/2037		8,785		129,120
Subtotal/Wtg. Avg./Years Remaining ^(l)		$	1,158,906		3.977	%	8.2	$	46,291	$	1,158,906
Total/Wtg. Avg./Years Remaining ^(l)		$	2,164,111		4.539	%	7.1	$	123,400	$	1,962,294

Footnotes

(a)

Subtotal and total based on weighted-average term to maturity (or put dates) shown in years based on debt balance.

(b)

Debt balances based upon imputed interest rates.

(c)

Represents full payable of notes; discount of $966 excluded from balance.

(d)

Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.

(e)

Loan is cross-collateralized on three properties.

(f)

Represents full payable of notes; discount of $283 excluded from balance.

(g)

Rate fixed through 04/2017; thereafter, LIBOR plus 170 bps.

(h)

Represents full payable of notes; discount of $2,110 excluded from balance.

(i)

Properties are cross-collateralized.

(j)

Properties are cross-collateralized.

(k)

Unsecured.

(l)

Total shown may differ from detailed amounts due to rounding.

(m)

Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25.

(n)

Property is currently being expanded. Mortgage is recourse during expansion.

LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

9/30/2014

Joint Venture	Debt Balance ($000)		LXP Proportionate Share ($000) ⁽³⁾		Interest Rate (%)			Maturity	Current Estimated Annual Debt Service ($000)⁽⁴⁾		Balloon Payment ($000)		Proportionate Share Balloon Payment ($000) ⁽³⁾
Oklahoma TIC	$	13,818	$	5,527		5.240	%	05/2015	$	629	$	13,673	$	5,469
One Summit (5)		6,230	$	1,870		9.375	%	10/2016		3,344		-		-
One Summit (5)		4,317	$	1,295		10.625	%	11/2016		2,239		-		-
Rehab Humble Lessee		14,692	$	2,204		4.700	%	05/2017		950		13,982		2,097
Gan Palm Beach Lessee		14,836	$	3,709		3.700	%	03/2018		842		13,768		3,442
BP Lessee		18,791	$	2,819		4.010	%	11/2018		764		18,791		2,819
Total/Wtg. Avg. ⁽¹⁾/Years Remaining ⁽²⁾	$	72,684	$	17,424		5.49	%	2.3	$	8,768	$	60,214	$	13,827

Footnotes

(1)

Weighted-average interest rate based on proportionate share.

(2)

Weighted-average years remaining on maturities based on proportionate debt balance.

(3)

Total balance shown may differ from detailed amounts due to rounding.

(4)

Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.

(5)

Property sold and debt satisfied subsequent to 9/30/2014.

LEXINGTON REALTY TRUST

Debt Maturity Schedule

9/30/2014

($000)

Consolidated Properties
Year	Real Estate Scheduled Amortization		Real Estate Balloon Payments		Corporate Debt
2014	$	5,737	$	39,483	$	-
2015	$	29,532	$	155,715	$	-
2016	$	24,432	$	129,868	$	-
2017	$	24,800	$	68,669	$	24,786
2018	$	24,140	$	18,157	$	250,000
	$	108,641	$	411,892	$	274,786

Non-Consolidated Investments - LXP Proportionate Share
Year	Real Estate Scheduled Amortization		Real Estate Balloon Payments
2014	$	397	$	-
2015	$	1,608	$	5,469
2016	$	1,477	$	-
2017	$	94	$	2,097
2018	$	21	$	6,261
	$	3,597	$	13,827

LEXINGTON REALTY TRUST

Mortgage Loans Receivable

9/30/2014

Collateral
	City		State	Loan Balance ($000)(1)		Interest Rate			Maturity Date	Current Estimated Annual Debt Service ($000)(2)		Balloon Payment ($000)		Escrow Balance ($000)
Office		Norwalk (3)	CT	$	32,472		7.50	%	11/2014	$	204	$	32,472	$	-
		Southfield	MI	$	6,005		4.55	%	02/2015	$	342	$	5,810	$	-
		Westmont (4)	IL	$	12,326		6.45	%	10/2015	$	2,090	$	25,731	$	3,228
Retail		Austin	TX	$	2,691		16.00	%	10/2018	$	-	$	5,104	$	-
		Various	Various	$	1,072		8.00	%	02/2021	$	219	$	-	$	-
		Various	Various	$	491		8.00	%	12/2021	$	94	$	-	$	-
		Various	Various	$	633		8.00	%	03/2022	$	112	$	-	$	-
Hospital		Kennewick (5)	WA	$	77,387		9.00	%	05/2022	$	7,438	$	77,387	$	-
		Total Mortgage Loans Receivable		$	133,077					$	10,499	$	146,504	$	3,228

Footnotes

(1)

Includes accrued interest receivable, loan losses, and net origination fees.

(2)

Remaining collections for debt less than 12 months to maturity, all others are debt service for next 12 months.

(3)

Subsequent to 9/30/2014, Lexington extended the maturity date of the loan to December 1, 2014 and increased the interest rate to 12.5%.

(4)

Escrow balance includes $2.5 million in a collateral securities account maintained by the borrower. Tenant in property terminated the lease effective 11/30/2013 for a termination payment of $1.3 million. Borrower is delinquent on debt service payments. Loan balance includes $13.9 million loan loss.

(5)

Lexington is committed to lend up to a maximum of $85.0 million.

LEXINGTON REALTY TRUST

Partnership Interests

Nine months ended September 30, 2014

($000)

Noncontrolling Interest Properties - Partners' Proportionate Share (1)

EBITDA	$	463
Interest expense	$	335
Depreciation and amortization	$	463

Non-Consolidated Net Leased Real Estate - Lexington's Share

EBITDA		$	3,954
Interest expense		$	757

Footnotes

(1) Excludes discontinued operations and OP unit noncontrolling interests.

LEXINGTON REALTY TRUST

Selected Balance Sheet and Income Statement Account Data

9/30/2014

($000)

Balance Sheet

Other assets	$	38,955

The components of other assets are:

Deposits	$	1,833
Investments- capital lease		10,717
Equipment		231
Prepaids		5,281
Other receivables		1,479
Deferred lease incentives		15,973
Interest rate swap derivative asset		3,305
Other		136

Accounts payable and other liabilities	$	34,233

The components of accounts payable and other liabilities are:

Accounts payable and accrued expenses	$	14,748
CIP accruals and other		4,022
Taxes		658
Deferred tax liability		21
Deferred lease and loan costs		7,261
Subordinated notes		2,571
Deposits		1,431
Escrows		1,128
Transaction / build-to-suit costs		2,393

Income Statement - Nine months ended September 30, 2014

Non-cash interest expense, net

1,303

Investor Information

Transfer Agent

Computershare	Overnight Correspondence:
PO Box 30170	211 Quality Circle, Suite 210
College Station, TX 77842-3170	College Station, TX, 77845
(800) 850-3948
www-us.computershare.com/investor

Investor Relations

Patrick Carroll
Executive Vice President and Chief Financial Officer
Telephone (direct)	(212) 692-7215
Facsimile (main)	(212) 594-6600
E-mail	pcarroll@lxp.com

Research Coverage

Bank of America/Merrill Lynch		KeyBanc Capital Markets Inc.
James Feldman	(646) 855-5808	Craig Mailman	(917) 368-2316

Barclays Capital		Ladenburg Thalmann & Co., Inc.
Ross L. Smotrich	(212) 526-2306	Daniel P. Donlan	(212) 409-2056

Evercore Partners		Stifel Nicolaus
Sheila K. McGrath	(212) 497-0882	John W. Guinee	(443) 224-1307

J.P. Morgan Chase		Wells Fargo Securities, LLC
Anthony Paolone	(212) 622-6682	Todd J. Stender	(212) 214-8067

Jeffries & Company, Inc.
Omotayo Okusanya	(212) 336-7076

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Exhibit 99.2

November 7, 2014, 11:00 AM ET, LXP – Q3 2014 Lexington Realty Trust Earnings Call

UNEDITED TRANSCRIPT

CORPORATE PARTICIPANTS

Gabby Reyes Lexington Realty Trust - IR

Will Eglin Lexington Realty Trust - CEO

Patrick Carroll Lexington Realty Trust - CFO

CONFERENCE CALL PARTICIPANTS

Sheila McGrath Evercore ISI - Analyst

John Guinee Stifel Nicolaus - Analyst

Craig Melman KeyBanc Capital Markets - Analyst

Anthony Paolone JPMorgan - Analyst

Tayo Okusanya Jefferies & Company - Analyst

Geoffrey Dancey Cutler Capital Management - Analyst

PRESENTATION

Operator

Greetings and welcome to the Lexington Realty Trust third quarter 2014 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation.

(Operator Instructions)

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Gabby Reyes, Investor Relations for Lexington Realty Trust. Thank you. You may begin.

Gabby Reyes - Lexington Realty Trust - IR

Hello and welcome to the Lexington Realty Trust third quarter 2014 conference call. The earnings press release was distributed over the wire this morning and the release and supplemental disclosure package will be furnished on the Form 8-K. In the press release and supplemental disclosure package, Lexington has reconciled all historical non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G requirements. If you did not receive a copy, these documents are available on Lexington's website at www.lxp.com in the investor section.

Additionally, we are hosting a live webcast of today's call which you can access in the same section. At this time we would like to inform you that certain statements made during this conference call, which are not historical, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Lexington believes expectations reflected in any forward-looking statements are based on reasonable assumptions, Lexington can give no assurance that its expectations will be attained.

Factors and risk that could cause actual results to differ materially from those expressed or implied by forward-looking statements are detailed in today's press release and from time to time in Lexington's filings with the SEC and include the successful confirmation of any liens, acquisitions, build to suit, financing, or other transactions, or the final terms of any such transactions. Lexington does not undertake a duty to update any forward-looking statements.

1

Joining me today from management are Will Eglin, Chief Executive Officer; Robert Roskind, Chairman; and Patrick Carroll, Chief Financial Officer. Now, I will turn the call over to Will.

Will Eglin - Lexington Realty Trust - CEO

Thanks, Gabby, and welcome, everyone. Thank you for joining the call today. I'd like to begin by discussing our operating results and accomplishments for the quarter. For the third quarter of 2014 our Company funds from operations as adjusted were $0.28 per share, a 12% increase compared to the third quarter of 2013 primarily driven by investment activity over the past year and refinancing savings. In the quarter we invested $51 million in ongoing build-to-suit projects and loan investments and sold five properties for $52.6 million consistent with our portfolio management and capital recycling objectives.

Our strong and steady leasing work continued and we executed leases totaling approximately 510,000 square feet, ending the quarter with a more balanced rollover schedule and our overall portfolio 97.6% leased, down slightly compared to second quarter. These are complements furthered our objectives to continually improve our portfolio and strengthen our cash flows while also reducing the risk associated with lease rollover.

We remain active in the single tenant transaction market and our investment pipeline continues to be strong, especially looking ahead to 2015. In the third quarter we continued funding multiple underway build-to-suit projects and placed a $155 million forward purchase industrial investment under contract. This asset is located in Richland, Washington and will be a 456,000 square foot cold storage warehouse and distribution facility for preferred freezer services which will service a 20-year contract with ConAgra foods at this location.

Subsequent to quarter end we also acquired two properties for $49.5 million, bringing our total capital invested 2014 to $248.2 million. These two investments were land parcel on West 45th Street in New York City, subject to a 99-year ground lease to an operating hotel and the rehabilitation facility rated leased to HealthSouth rated DD minus for 28 years with annual CPI escalations with no maximum.

Our current expectation for 2014 investment activity is with a range of $300 million to $350 million based on projects under way or under contract, and volume in 2015 is expected to be comparable based upon current contractual commitments. We continue to work diligently on new projects to add to our pipeline. Cap rates on our forward build-to-suit and purchase pipeline average about 7.2% on a cash basis and 8.5% on a GAAP basis. At this point in the cycle, build-to-suit and forward-purchase transactions continue to be our favorite investment strategies.

While build-to-suits do not generate cash flow or funds from operations until construction is completed, we believe this strategy creates significant value for shareholders by adding modern buildings with long-term leases for the portfolio and capturing stabilized yields well above current cap rates in the purchase market. Accordingly, we believe this strategy has the potential to drive growth in shareholder value.

In addition, we believe the long-term leases with escalating rents we've been adding to the portfolio are strengthening our future cash flows, extending our weighted average lease term, balancing our lease expiration schedule, reducing the average age of our portfolio, and supporting our dividend growth objectives.

We continue to execute our disposition strategy and in the third quarter we made good progress on our capital recycling efforts selling $52.6 million of non-core assets from the portfolio consisting of two small retail properties, a vacant multi-tenant office property, an under leased multi-tenant office property, and a single tenant industrial property on a short-term lease. The two multi tenanted office properties were sold to users and three of the sales were in tertiary markets. We continue to focus our efforts on dispositions from a strategic perspective, augmenting the transformation of our portfolio and providing cost effective, timely capital to support investment activity while executing a strategy that will reduce our office exposure so that our portfolio is concentrated in fewer larger markets.

2

On page 20 of our supplemental we've included a table showing the markets where we derive most of our single tenant office revenue. Our current expectation for 2014 is that dispositions will be approximately $200 million to $300 million. Asset values have continued to rise this year, making dispositions an even more attractive option for us. And capital recycling is also likely to continue at a comparable if not greater pace in 2015 with a focus on realizing values on our multi-tenant properties with high levels of occupancy. Such capital recycling will allow us to create liquidity so that we stay ahead of our capital needs with respect to our investment pipeline, although this approach may have a near-term dilutive impact on funds from operations.

As we have stated before, one of our strategic objectives with our disposition activity is to achieve a better balance between office and industrial revenue in the part of our portfolio that has lease terms shorter than 10 years. Recently, the office to industrial revenue mix in this part of our portfolio has been about 3 to 1, and we continue to be focused on managing this ratio down to about 2 to 1 over the next several years. The targeted sale of certain office buildings will speed this transition and make our portfolio less capital intensive to manage.

With regard to our leasing, we have continued to achieve a steady pace of activity. In the third quarter of 2014 we executed approximately 510,000 square feet of new leases and lease extensions and our 2015 explorations now represent just about 3% of our GAAP revenue. During the quarter we had leases totaling 227,000 square feet which expired and were not renewed or were terminated. Overall, during the quarter we extended five leases with annual GAAP rents of $5.6 million which is 12.2 less than the previous rents and cash rents declined 16.9% on renewals consistent with our prior commentary.

Our same-store cash net operating income increased 0.2% for the first nine months of 2014 and decreased 0.4% during the third quarter of 2014, primarily reflecting the impact of negative leasing spreads on renewals. Looking forward, renewal rents are likely to be under pressure throughout 2015 before improving in 2016. We currently have 3.2 million square feet of space which is vacant or subject to leases that expire through 2015. We believe that by the end of 2015 we can address roughly half of such expiring or vacant square footage primarily through dispositions and secondarily through releasing.

We are expecting non-renewals on our remaining 2014 single tenant office lease expirations and we have three single tenant office leases expiring through June 30, 2015, where we expect non-renewals. Together, these eight properties generate approximately $17 million of annual revenue and four are encumbered by $61.9 million of mortgage debt which we believe exceeds the as vacant building value. At the current time, our expectation is that these four buildings and an additional building in Houston, Texas, with $11.5 million of mortgage debt will be conveyed to satisfy these nonrecourse mortgages during 2015, absent substantive negotiation. Our current assumption is that the remaining four properties will be vacant through the end of 2015.

Beginning in the second half of 2015 we expect tenant retention to improve, putting this concentrated period of tenant move outs behind us for good as we move forward with the portfolio with a substantially lower risk profile. Beyond this, as we execute our acquisition and capital recycling strategy, we expected our portfolio is likely to include a greater number of leases with annual or other rent increases which we ultimately expect will support a sustained healthy growth rate in net operating income.

As a result of our leasing activity and new investments, for the nine months ended September 30, 2014, approximately 41% of our revenue came from leases of 10 years or longer and we're well on our way to achieving our interim goal of deriving at least half of our at revenue from leases 10 years or longer. Once this target is achieved, we will raise the target further and continue building a diversified portfolio of long-term net leases with stable growing cash flow.

Our single tenant lease rollover through 2019 has been reduced to 31.4% of revenue from 43.2% of revenue one year ago, and we no longer have concentrated risk of lease rollover in any one year. By any measure we have made very good progress in managing down our shorter term leases and extending our weighted average lease term which is now approximately 11.4 years on a cash basis. Each of these metrics is an important measure of cash flow stability and we will continue to be focused on further improvement.

3

The composition of our balance sheet has continued to improve this year and we have included details in our supplemental disclosure package on pages 23 and 24 showing our credit metrics. We continue to pursue our goal of having 65% to 70% of our assets unencumbered and have reduced our secured debt to less than 20% of gross assets which is a target that we have been working towards for a considerable time. Our Company has few near-term debt maturities. Through 2015 we believe approximately 115 million of secured balloon debt will leave the balance sheet in connection with dispositions. And approximately 112 million of balloon maturities are expected to be refinanced with unsecured debt.

In addition, we will retire approximately 35 million of secured debt through regular principal amortization. While we continue to unencumber assets, from time to time we may access secured financing when we believe it is advantageous to do so; particularly in connection with ground sale lease-back transactions or financing for a term longer than 10 years is available, or we can effectively monetize the remaining revenue from the asset such as in the credit tenant lease financing. Through 2015, secured financing could total as much as $80 million.

We believe our company has substantial financial flexibility with approximately $383.9 million of current availability under its revolving credit facility and a stronger than usual cash position. We continue to be biased in favor of dispositions and maintaining line capacity and cash as we continue adding build-to-suit projects to our pipeline. Our forward-funding projects currently total approximately $504.2 million with about $414.1 million remaining to be funded. At the end of the quarter our weighted average cost of debt was 4.5% in our weighted average term to maturity was 7.1 years. We continue to believe that current rates on long-term financing remain quite attractive and that there is great value in locking in fixed rates on long-term debt at this time.

Turning to guidance, we are adjusting upward our company funds from operations as adjusted per share guidance by $0.01 per share at the bottom end of our prior range to a new range of $1.09 to $1.11 per share. We expect to provide 2015 guidance in February when we report fourth quarter and full-year 2014 results. In the interim, please note our comments today with respect to occupancy, leasing spreads, and the near-term dilutive effect of sales when considering our prospects for next year.

In summary, it was a good quarter for Lexington and we believe our achievements position the Company for continued success. We remain committed to our strategy of enhancing cash flow growth and stability, growing our portfolio in a disciplined manner with attractive long-term leased investments, and maintaining a strong flexible balance sheet to allow us to act on opportunities as they arise. Now I'll turn the call over to Pat who will take you through our results in more detail.

Patrick Carroll - Lexington Realty Trust - CFO

Thanks, Will. During the quarter, Lexington had gross revenues of $109.5 million comprised primarily of lease rents and tenant reimbursements. The increase compared to the third quarter of 2013 of $16.5 million relates primarily to acquisition and build-to-suit projects coming online. For the quarter and nine months ended September 30, 2014, GAAP rents were in excess of cash rents by approximately $13 million and $29 million respectively.

On page 18 of the supplement we have included our estimates of both cash and GAAP rents for the remainder of 2014 through and including 2018 for leases in place as of September 30, 2014. We've also included same-store NOI data and the weighted average lease term of our portfolio as of September 30, 2014, and 2013.

Property operating expenses increased $1.8 million primarily due to the increased use in occupancy in multi-tenanted properties with base-year cost structures, the acquisitions of properties with full recovery of operating expenses, and the net impact of management of certain properties being transferred between us and the tenant. Non-operating income increased $3.3 million relating primarily to interest earned on our loan portfolio.

4

In the third quarter of 2014 we recorded $2.8 million in property impairments and $18.5 million of gains on sales of properties. Interest and amortization expense increased $2.9 million primarily due to the issuance of our 4.4% bonds and the $213.5 million mortgage on our New York City land deals.

On page 41 of the supplement, we have disclosed elective statement data for consolidated but non-wholly owned properties and our joint venture investments. We also have included net non cash interest recognized in the nine months ended September 30, 2014, on page 42 of the supplement. For the nine months ended September 30, 2014, our interest coverage was approximately 3.2 times and net debt to EBITDA of approximately 6.2 times.

Now turning to the balance sheet. We believe our balance sheet is strong as we've continued to increase our financial flexibility and capacity. We had $171.1 million of cash at quarter end, including cash classified as restricted. Restricted cash balances relate to money primarily held with lenders with escrow deposits on mortgages and money held at a 1031 exchange agent. At quarter end we had about $2.2 billion of consolidated debt outstanding which had a weighted average interest rate of 4.5% of which 100% is at fixed rates.

We have entered into LIBOR swaps on both $255 million outstanding on our term loan which matures in 2019, and the $250 million outstanding on our term loan which matures in 2018. The current spread components on our 2019 term loan can range from 1.5% to 2.25% and is currently 1.75%, and on the 2018 term loan it can range from 1.1% to 2.1% and is currently 1.35%. A significant component of other assets and liabilities are included on page 42 of our supplement.

During the quarter ended September 30, 2014, we paid approximately $1.9 million in lease costs and approximately $2 million in tenant improvements. For the balance of 2014, we project to spend approximately $10 million in these costs. We have also included on page 14 of the supplement the funding projections on our four current build-to-suit projects and our forward commitments along with the historical NOI recognized on build-to-suit projects that have come online.

As it relates to build-to-suit projects, since we fund the construction costs and are the take out upon completion, we do not recognize interest income during construction nor any rental revenue until the project is complete and the tenant takes occupancy. Our basis on the project upon completion is the actual cash we spend and the funding plus any capitalized cost we recognize in accordance with GAAP, we capitalize interest using our overall borrowing rate which is approximately 4.5%. Now I'd like to turn the call back over to Will.

Will Eglin - Lexington Realty Trust - CEO

Thanks, Pat. As we look ahead to 2015 we expect to continue to execute on our strategies to build an even better and stronger company, especially after dealing with the leasing challenges through the first half of 2015. The impact of our acquisition activity combined with our capital recycling is improving the composition of our portfolio and is driving long-term cash flows that are far more secure even our extended weighted average lease terms and the number of leases we have with annual or other escalations.

We expect to continue to execute proactively on leasing opportunities in order to maintain high levels of occupancy and further address lease expirations, unlock values on non core properties and certainly fully valued properties with a bias toward reducing our suburban office and multi-tenant exposure, capitalize on refinancing opportunities and finally, continue to invest in build-to-suit properties and other investments that drive cash flow growth and value for all shareholders.

We believe our company remains well positioned with an attractive dividend yield, a conservative payout ratio, and a strong cash position. We are encouraged by the opportunity to continue to execute on our strategies to improve cash flow, enhance our portfolio, and provide ongoing value creation for our shareholders. Operator, I have no further comments at this time, so we are ready for you to conduct the question-and-answer portion of the call.

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QUESTION AND ANSWER

Operator

(Operator instructions)

Sheila McGrath with Evercore ISI.

Sheila McGrath - Evercore ISI - Analyst

Yes. Good morning. Will, I was wondering if you could talk about the ground lease transaction in the quarter and remind us how you underwrite those transactions and where is the property in Manhattan?

Will Eglin - Lexington Realty Trust - CEO

Sure, Sheila. It's essentially a mirror transaction to the one that we did a year ago on the three ground parcels in Manhattan, and it's the same party involved. So, it's a 99-year ground lease. The going in cap rate is about 4.93% and the annual escalations are 2%, but every 10 years there is a CPI adjustment up to 3%, so there is a little bit more inflation protection than you'd typically see in a build-to-suit, and every 25 years there's an option to purchase the ground at a value that would give us a 7.5% free and clear internal rate of return. We find that very attractive compared to a free and clear IRR on many of the build-to-suit office buildings that we look at, and there's great financing available on transactions like this.

If you recall last year on Manhattan ground transaction we financed our purchase with 70% loan-to-value financing at an interest rate about 466 on a fixed rate basis. We haven't decided how we're going to finance this purchase, but if we were to use secured financing, leverage of greater than 80% is available and the 10-year interest rate would be about 4.25%. So, we're very pleased with that investment and it's ground on West 45th Street between 5th and 6th Avenue.

Sheila McGrath - Evercore ISI - Analyst

Should we expect more of these ground lease transactions from Lexington?

Will Eglin - Lexington Realty Trust - CEO

We'd like there to be more. There is nothing of significance that's in the pipeline, but we continue to be interested in building our portfolio of ground investments or other assets where most of the value is in the land and less is in the improvements.

Sheila McGrath - Evercore ISI - Analyst

Okay. And then could you comment on the turmoil at ARCP and related entities. It makes most people think they'll probably be less active buyer, and I'm just wondering your view. Might this free up more acquisition opportunities for Lexington?

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Will Eglin - Lexington Realty Trust - CEO

Well, time will tell. There have been a couple of transactions that have come back to the market this week, whether that's related specifically to the RP situation or not it's not clear, but market participants are well aware that RP has been a voracious acquirer of net lease properties for several years so to the extent that their growth ambitions are curtailed, it should mean better investment opportunities for the rest of us who are engaged in this business.

Sheila McGrath - Evercore ISI - Analyst

Okay, thank you.

Operator

John Guinee with Stifel.

John Guinee - Stifel Nicolaus - Analyst

Great. Okay. Thanks. Let me just kind of go through page by page. First on Richland, Washington industrial, $155 million, that's an awfully big industrial building. How big is that thing?

Will Eglin - Lexington Realty Trust - CEO

456,000 square feet, John, and two-thirds of it is freezer space.

John Guinee - Stifel Nicolaus - Analyst

What's that on a price per pound?

Will Eglin - Lexington Realty Trust - CEO

That is about $350 a foot.

John Guinee - Stifel Nicolaus - Analyst

Okay, so this is really a CBD office building disguised as a freezer warehouse?

Will Eglin - Lexington Realty Trust - CEO

Well, no. It's just highly mechanized and obviously it has very expensive improvements in it.

John Guinee - Stifel Nicolaus - Analyst

Great. Okay. Then the next page on dispositions. Interesting, the primary sale with San Antonio Industrial sort of 9-ish cap, can you talk through why you decided to sell that for $41 million?

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Will Eglin - Lexington Realty Trust - CEO

Well, it was a shorter term lease, John, and actually that building had a high component of office space as well. On a square footage basis it was more industrial than office, but it did have a very high component of office space. The tenant was leaving that building and so it made sense for us even though it was a fairly high cap rate we thought on a per foot basis, it was it attractive exit price for us.

John Guinee - Stifel Nicolaus - Analyst

Right. Okay. And then Lake Mary you did a five-year extension with JPMorgan, Lake Mary which is north of Orlando, it looks like about a 15% net rent roll down. What kind of a TI leasing commission package went with that, if anything?

Will Eglin - Lexington Realty Trust - CEO

Hold on, John. There were no [TI's], John, and there was some leasing commissions, but no CI's and about $170,000 of leasing commissions on each property.

John Guinee - Stifel Nicolaus - Analyst

Okay. And then -- but you had mentioned, Pat, about 300 -- I think you mentioned $10 million of TI and leasing commission spend in the fourth quarter.

Patrick Carroll - Lexington Realty Trust - CFO

That's right.

John Guinee - Stifel Nicolaus - Analyst

What's that relate to?

Patrick Carroll - Lexington Realty Trust - CFO

It's on deals that we've done -- it's on various deals, but about half of it is on deals that we've signed up already this year. It's the actual payout on commissions that we've -- excuse me, of TI's that we've given to other leases that we signed.

John Guinee - Stifel Nicolaus - Analyst

Is it $10 million for TI's or $10 million for TI's and leasing commissions?

Patrick Carroll - Lexington Realty Trust - CFO

Both.

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John Guinee - Stifel Nicolaus - Analyst

Okay, so and. All right. And then if I'm going through page 11, you provide -- you have a company reported FFO and then you have a company FFO as adjusted. Do you report a NAREIT-defined FFO anywhere?

Patrick Carroll - Lexington Realty Trust - CFO

We show FFO on a fully diluted basis, that everything that can convert does convert and that's how we feel -- that's how we manage our business, we feel it's the best way to monitor it.

John Guinee - Stifel Nicolaus - Analyst

Okay, but so you do not provide a NAREIT defined number from which to then work off of to get to yours?

Patrick Carroll - Lexington Realty Trust - CFO

No, we show -- we start with net income available to common shareholders and we adjust it down for dilutive securities or securities that can converge I should say. So no, no.

John Guinee - Stifel Nicolaus - Analyst

You can never stop anywhere in the process to get a NAREIT-defined FFO?

Patrick Carroll - Lexington Realty Trust - CFO

No.

John Guinee - Stifel Nicolaus - Analyst

Okay, got you. All right. Going through the supplemental page-by-page, let me see here. We talked about Lake Mary. Can you whirl through specifically what leases, Will, are on page 31 and I guess 33 are gone, Bridgwater in New Jersey do they leave? And then Issaquah, Rochester, Canonsburg?

Will Eglin - Lexington Realty Trust - CEO

Yes. What we've said in our comments, John, was that our tenants with fourth quarter lease expirations were leaving.

John Guinee - Stifel Nicolaus - Analyst

Okay. So, this is all five of them. Okay.

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Will Eglin - Lexington Realty Trust - CEO

Yes.

John Guinee - Stifel Nicolaus - Analyst

All five of the office are leaving, right?

Will Eglin - Lexington Realty Trust - CEO

Correct.

John Guinee - Stifel Nicolaus - Analyst

Okay. And then in 2015 which ones are leaving?

Will Eglin - Lexington Realty Trust - CEO

We said Federal-Mogul, Southfield, Michigan; Lakewood, Colorado; and Foxboro, Massachusetts

John Guinee - Stifel Nicolaus - Analyst

Okay. And then none of the other ones in 2015 as of now or you just don't have clarity on it?

Will Eglin - Lexington Realty Trust - CEO

There may be a vacancy or two later in the year, but retention gets better. So we're fairly optimistic about how rollover will be in the second half of the year.

John Guinee - Stifel Nicolaus - Analyst

And just out of curiosity, are most of these the inland portfolio that got put back or is it a mix?

Will Eglin - Lexington Realty Trust - CEO

No, it's a mix.

John Guinee - Stifel Nicolaus - Analyst

Okay. And then if I go to page 33 on the industrial properties in 2015, any of those -- they are kind of minor, but any of those?

Will Eglin - Lexington Realty Trust - CEO

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Yes, we got a short-term extension from SKF USA, but we don't think they'll be in that building long-term, but that is very small and the other two we've had discussions ongoing.

John Guinee - Stifel Nicolaus - Analyst

Okay. So, when I get to page 36 thank God for asset-specific debt imputed sales. I guess Issaquah is back to the lender? What else on this list as back to the lender? Houston, Texas?

Will Eglin - Lexington Realty Trust - CEO

Issaquah; Houston, Texas; Rochester; and Bridgewater.

John Guinee - Stifel Nicolaus - Analyst

Okay. Okay. And then if I go back to -- down to page 40 you've got about $133 million of notes receivable. And this looks like Norwalk $33 million, if I look at footnote 3 interest rate increasing to 12.5%, that implies a default going from 7.5% to 12.5%. What should we think about is a good value of that loan?

Will Eglin - Lexington Realty Trust - CEO

The borrower essentially asked for a six-week extension to refinance us, and so we said great but we'll take the default rate for such a short-term extension, so right now we expect the loan to be fully repaid in Q4.

Patrick Carroll - Lexington Realty Trust - CFO

On December 1.

John Guinee - Stifel Nicolaus - Analyst

Oh, good. Okay. You going to drive up there and pick up the check? Okay. And then on the Westmont, Illinois. Loan balance is $12.3 million, balloon payment is $25.7 million. What exactly does that mean and how should we look at that value of that mortgage loan receivable?

Patrick Carroll - Lexington Realty Trust - CFO

We previously wrote the loan balance down. We took about a $14 million impairment charge give or take, and we wrote it down to where we felt the underlying value of the property was which is the $12.3 million.

John Guinee - Stifel Nicolaus - Analyst

Got you. Okay. And then the Washington -- refresh our memory, why was Kennewick, Washington structured as a loan? Is that a -- that's a hospital I think, right?

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Will Eglin - Lexington Realty Trust - CEO

That's right.

John Guinee - Stifel Nicolaus - Analyst

Okay. Perfect. Okay. Great. Any chance -- last question, any chance given what's happening to other names in the triple net space that you guys would sort of comply with what NAREIT would like and start with a NAREIT defined FFO and working your way down to company-defined FFO?

Patrick Carroll - Lexington Realty Trust - CFO

We can do anything. John, that's fine. I think the way we do it, and we've been doing it this way since Lexington started is more indicative of our business, but you can do [stop loss] anywhere in the calculation of FFO. We think by showing it as of everything converts though and showing the denominator of our calculation to show a fully diluted position, it's honestly the best presentation, but that's something we can address again in fourth quarter.

John Guinee - Stifel Nicolaus - Analyst

Okay. I'll ask one more question and I think Sheila had mentioned this. Will, you clearly like the long-term ground lease position 7.5% look back. Is that a business that could become 30%, 40%, 50% of your portfolio?

Will Eglin - Lexington Realty Trust - CEO

We really don't have visibility on a large pipeline of acquisitions that would contemplate that it could get that big, but we continue to work on generating transactions, but I don't see the volume escalating to the point where it would become that big of a piece of our business. We'd like to have more of it, but that would be pretty ambitious to view it as being one-third of the company.

John Guinee - Stifel Nicolaus - Analyst

I think you're basic premises, land doesn't depreciate, hard assets do.

Will Eglin - Lexington Realty Trust - CEO

Well, some hard assets do. I mean certainly in suburban office there's risk of obsolescence more so than in other asset types, so having land positions, as you point out, is a good hedge against that risk in suburban office specifically.

John Guinee - Stifel Nicolaus - Analyst

Great. All right. Wonderful disclosure. Thanks for everything. Have a good holiday.

Will Eglin - Lexington Realty Trust - CEO

Thank you, John.

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Operator

Craig Melman with KeyBanc Capital Markets.

Craig Melman - KeyBanc Capital Markets - Analyst

Hey, guys. Just a followup on the land acquisition here. Just given the dilutive going in return and maybe you guys get bought out in the [year 2025] at 7%-ish return, kind of how do you view that versus maybe getting the delayed economic upside from a build-to-suit, but typically much better economics?

Patrick Carroll - Lexington Realty Trust - CFO

Well, we measure the economics by our expected IRR, Craig. So, you're right. Some investments have high current return and that's the component of their internal rate of return. Others have more capital appreciation. So we look at it as a long-term accretive investment, and if we finance it as well as we think we can, we'll probably -- there is a chance we could generate above an 8% cash [from] cash return in year one. So for something that's so safe, that seems pretty appealing to me.

Craig Melman - KeyBanc Capital Markets - Analyst

Okay. And then you had mentioned that the pipeline is looking good for 2015. I know you're not giving guidance yet, but just from where you sit today do you think that investment activity could ramp relative to 2014 or it's too early?

Patrick Carroll - Lexington Realty Trust - CFO

Well, right now based upon what we are contractually committed to, it's comparable to this year or a little bit more, so that's a great position going into next year. Obviously we're working on lots of things and we hope that our pipeline will continue to grow and as discussed earlier there has been some disruption in the marketplace recently that might create additional transaction opportunity for us, so we're very optimistic as we look at next year.

Craig Melman - KeyBanc Capital Markets - Analyst

Okay, and then just one last one. 100 Light Street has been talked about the past about in the past about being a disposition candidate. Where are you guys going to process when you think potential timing could be?

Will Eglin - Lexington Realty Trust - CEO

We are working on marketing material for 100 Light Street, so our expectation is that we would test the market for that building probably early next year at this point. It's very highly occupied, but there is a little bit of leasing opportunity that we'd like to see if we can capitalize on in the interim.

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Craig Melman - KeyBanc Capital Markets - Analyst

Okay. Perfect. Thank you, guys.

Operator

Anthony Paolone with JPMorgan.

Anthony Paolone - JPMorgan - Analyst

Thanks. I actually have a couple left. Will, you mention the attitude of the roll downs on renewals in 2015?

Will Eglin - Lexington Realty Trust - CEO

Consistent with what we've said before, Tony. We think that leasing spreads, in offices, it has been, but we're still in a 15% to 20% down scenario in those renewals. The dynamic is if we have a property coming off of a 10-year lease, the rent is going up 2% a year for 10 years and it's gotten to the point where it's above market, so we still have that dynamic inside the portfolio next year. Our view with respect to 2016 is that on renewals on an overall basis we think we could be neutral to slightly ahead, but 2015 we still have some negative leasing spreads to continue to work through.

Anthony Paolone - JPMorgan - Analyst

Okay. And then any way to put some numbers around what percentage of the portfolio you, really long-term, would Ike to get rid of? You still got Light Street and some other things it sounds like you want to unload, just if you could do it all at once what would be the magnitude of that?

Will Eglin - Lexington Realty Trust - CEO

Well, as we look ahead I think in our minds we really, really like about 85% of our portfolio, so that means that we still have quite a few candidates for sale or capital recycling.

Anthony Paolone - JPMorgan - Analyst

Okay. And then the last question. On page 25 of the packet where you have your financial covenants, the one thing I just want to clarify, (inaudible) want to talk about the land. In the ground lease covenant, I think it's E, row E, is that buildings that you own that are subject to ground leases or is that like the New York land where you actually own the fee?

Will Eglin - Lexington Realty Trust - CEO

No, that's properties where we don't own the land and we only own the improvements.

Anthony Paolone - JPMorgan - Analyst

Okay.

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Will Eglin - Lexington Realty Trust - CEO

So these New York City land deals are not in that number.

Anthony Paolone - JPMorgan - Analyst

Right. Okay that makes sense then. Thank you.

Will Eglin - Lexington Realty Trust - CEO

Okay.

Operator

Tayo Okusanya with Jefferies.

Tayo Okusanya - Jefferies & Company - Analyst

Yes, good morning. Just two for me. First of all, the positive commentary you made about your investment outlook, did that pertain just to your acquisition outlook or does that also include the BTS and the build-to-suit business?

Will Eglin - Lexington Realty Trust - CEO

Both, yes.

Tayo Okusanya - Jefferies & Company - Analyst

So it is both. Okay. That's helpful. And then for the rehab hospital acquisition that was made, just taking a look at that cash yield of [5.8%], I guess when I compare that against other rehab acquisitions of some of the healthcare rates are made, that cap rate seems somewhat new. I'm just curious how that transaction transpired and how you felt comfortable with that pricing?

Will Eglin - Lexington Realty Trust - CEO

Well, what was interesting to us, Tayo, is that you have a 28-year lease there which helps out, and there are annual escalations tied to CPI without any cap, so to be able to acquire a long-term lease with credit behind it, which essentially has unlimited inflation protection, I know that we're in an environment where no one is nervous about inflation but 28 years is a long time, so we thought that was a rare opportunity to be able to, like I said, buy a long-term lease with credit with unlimited inflation protection.

Tayo Okusanya - Jefferies & Company - Analyst

Could you give me a sense on what the rent coverage is on that transaction?

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Patrick Carroll - Lexington Realty Trust - CFO

From -- it's direct with HealthSouth, so we have a BB-.

John Guinee - Stifel Nicolaus - Analyst

Yes, we have the corporate parent on the hook for the guarantee on the lease.

Tayo Okusanya - Jefferies & Company - Analyst

Okay. That's good enough. Okay. Thank you very much.

Operator

Geoff Dancey with Cutler Capital Management.

Geoffrey Dancey - Cutler Capital Management - Analyst

Thanks. Actually, my questions have been answered.

Operator

Thank you. It appears there are no further questions at this time. I would like to turn the floor back over to Mr. Eglin for any additional concluding comments.

Will Eglin - Lexington Realty Trust - CEO

Well, thanks to all of you for joining us this morning. We're very excited about our prospects for the balance of this year and beyond and, as always, we appreciate your participation and support. If you would like to receive our quarterly supplemental package, please contact Gabriela Reyes, or you can find additional information on the Company at our website www.lxp.com and in addition, as always, you may contact me or the other members of our senior management team with any questions. Thanks again.

Operator

Thank you. Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation and you may disconnect your lines at this time.

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